Norwich Union / Aviva endowment matured

Johnny_Hamster

In case anyone's interested, I had a 25 year £50,000 endowment with NU which matured last month . They had always been somewhat vague about their endowment 'promise' to top up any shortfall, but in the end they topped up to the maximum of £10,500 and I received a final amount of £41,300. I'd already paid off my mortage, so I guess it could have been worse

dmtc

May I ask a slightly silly question, having (what has become via various financial organisations changing hands over the last 20 years) an Aviva Endowment.


Mine too is set aside and is not required to settle my mortgage, so I'm just intrigued what they do with the funds when it finishes? (eg. do they give you a transfer back to your source account, send you a cheque or allow you to specify).

Country_Cousin

Did you have to push to get the £10,500 top up or did they just add that on as a matter of course?

englisho

Good question DMTC.. Same boat here and intrigued as to how they return your payout.

kingstreet

Provided the policy isn't assigned to a lender, the proceeds will normally be paid to you, directly to the account details you provide on the discharge form you complete on the run-up to maturity.

If it is still assigned as there is still a mortgage in place, or the assignment has never been released after the mortgage was redeemed, it would normally be paid directly to the lender concerned.

It is worth ensuring the paperwork is up to date in advance of maturity.

osmanager

Out of interest, With your endowment did you pay into the scheme more or less than you got back?
I too have a policy with NU and at this time it looks like I might get less than I have paid them.
My policy includes Critical Illness thus has a higher premium but I would not have expected them to make a loss.
I am wondering if I should
1. End now - take the loss.
2. Continue for next 2 years and hope topup promise gives a better return
Who should I ask? an independent Financial Adviser or NU/Avia

Any feedback greatly apperciated.