Endowment? Good money after bad?

DancingDragon

A family member has the following policy which I think may be a type of endowment. Can anybody confirm? Payments are due for another 10 years or so but I think surrender may be a better idea. She was sold the following as an alternative to a pension which she could not have under rules at that time.
Scot widow (was Lloyds TSB) Life policy, unit linked, whole of life, non qualifying.
Started 1993 paying £30 pcm current value c £16k
Sum assured £1500
Policy fee £1.86 pcm + 1% amc
Surrender penalty = NIL
Thoughts from anybody who can shed light on this much appreciated as she has so far been unable to get much other than the above from them.

TrickyDicky101

It's similar to an endowment although being Whole of Life it has no defined maturity date.

What are the units held by the policy? You may have this information on any annual statements you may have.

AMC is typically higher than many products available today (eg via ISAs) but this would depend on what the underlying fund is.

This is likely to be an out-of-date product for the intended usage and alternatives such as a personal pension and/or ISA investments may well offer better value.

DancingDragon

She hasn't rec'd any annual statements at all. When she rang them they said that the didn't do them but did give the info already quoted. Apparently fund allocation is "options managed" but we have no idea what this means.

sheramber

Does the policy have a surrender value? Or would it become a paid up policy or would she lose all she has paid in of she stopped it.

She needs that information before considering anything,

DancingDragon

We assumed that as there is no surrender penalty the pay out would be the current value - is this not the case?