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Abbey Life Covermaster plan
user15
Posts: 28 Forumite
Does anyone know what a Abbey Life covermaster plan is?
The document shows
Product Type: COVERMASTER PLAN
Your Life Cover: £30439
Lives Assured: Mr and Mrs XXXXXXXXXXXXX
Your accumulated investments, below, were valued at £12814.86 on 6th October 2016
INVESTMENT FUND - INTERNATIONAL SERIES 4
UNITS - 1302.87
BID PRICE (p) - 517.00
VALUE - £6735.83
INVESTMENT FUND- MANAGED SERIES 4
UNITS - 324.70
BID PRICE (p) - 1872.00
VALUE - £6079.03
Please note that the value of your Units can change every day..........................
If I ask to surrender the product will I receive £12814?
The document shows
Product Type: COVERMASTER PLAN
Your Life Cover: £30439
Lives Assured: Mr and Mrs XXXXXXXXXXXXX
Your accumulated investments, below, were valued at £12814.86 on 6th October 2016
INVESTMENT FUND - INTERNATIONAL SERIES 4
UNITS - 1302.87
BID PRICE (p) - 517.00
VALUE - £6735.83
INVESTMENT FUND- MANAGED SERIES 4
UNITS - 324.70
BID PRICE (p) - 1872.00
VALUE - £6079.03
Please note that the value of your Units can change every day..........................
If I ask to surrender the product will I receive £12814?
0
Comments
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If I ask to surrender the product will I receive £12814?
You will need to ask them for the surrender value. It may well be the same as the current value but not always.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 -
Thanks for your response, I will contact them on Monday.0
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It's a flexible unit-linked whole life policy, IIRC.
You could choose from min cover/max savings, through balanced cover/balanced savings to max cover/min savings.
Plan reviews were built-in to ensure the amount of cover chosen could continue taking into account the value of the savings element and future premiums.
Many of these plans were sold by the insurers' own sales forces instead of a term assurance touting "flexibility" but they were mostly written on a maximum cover basis which proved unsustainable in the longer term.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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