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Sell or surrender? Advice please!
Maz
Posts: 1,405 Forumite
Hello magnificant people!
Hope somebody can give me a bit of advice please. I've got a seriously underperforming endowment policy which is due to finish in 2013. I can't go down the compensation for mis-selling route as this policy was started offshore and their rules and regs are different to mainland UK (yes, I have looked into this).
Anyway, I've started my own business and could really use this cash to give me a buffer until the business takes off. Pig ignorant when it comes to insurance matters and was wondering if anyone could advise me whether it would be better for me to either sell it or just cash it in?
Hope somebody can give me a bit of advice please. I've got a seriously underperforming endowment policy which is due to finish in 2013. I can't go down the compensation for mis-selling route as this policy was started offshore and their rules and regs are different to mainland UK (yes, I have looked into this).
Anyway, I've started my own business and could really use this cash to give me a buffer until the business takes off. Pig ignorant when it comes to insurance matters and was wondering if anyone could advise me whether it would be better for me to either sell it or just cash it in?
'The only thing that helps me keep my slender grip on reality is the friendship I have with my collection of singing potatoes'
Sleepy J.
Sleepy J.
0
Comments
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Maybe a mod will move this to the endowments forum as it will get better coverage in there.
However, who is the endowment company?
is it unit linked or with profits?
what are the projections?
if with profits, what is the current final bonus?
is there a mortgage promise value (std life, pearl and NU) and if so how much?
Current value/surrender value?
cost of replacment life cover?
Projections alone are not a good guide to how the endowment is doing. Some heavily understate the likely outcome and some overstate it.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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