Abbey Life Covermaster plan

user15

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?

dunstonh

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.

user15

Thanks for your response, I will contact them on Monday.

kingstreet

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.