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Surrender Endowment?
jobelina
Posts: 1 Newbie
I took out a with profits endowment policy with AXA (now Friends for Life) in July 1999 for £25k paying £47 per month for 25 years so it still has 9 years left to run.
The policy is not attached to my mortgage as I have switched to a repayment mortgage so technically I am free to do what I please with it when it matures.
My question is do I surrender it now or leave it to run its course?
Its surrender value at the moment is £13225. I have paid £9012 to date into the policy. It's guaranteed value is £15467.
Any advice greatly appreciated in whether to surrender or keep it going. Many thanks.
The policy is not attached to my mortgage as I have switched to a repayment mortgage so technically I am free to do what I please with it when it matures.
My question is do I surrender it now or leave it to run its course?
Its surrender value at the moment is £13225. I have paid £9012 to date into the policy. It's guaranteed value is £15467.
Any advice greatly appreciated in whether to surrender or keep it going. Many thanks.
0
Comments
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If you cash it in now then that's not a bad return at all.
It really depends on your attitude to risk and whether you have immediate need of the money.0 -
Just to clarify, guaranteed amount for bonuses is not the same as getting a guaranteed amount on maturity.
Before surrendering the policy to the life company, get a no-obligations quote from the members of the APMM. You might get a better offer:
http://www.apmm.org/index.php0
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