When is assured not assured?

Eddie_the_binman

i have a colonial mutual endowment, plus mortgage plan with life insurance policy (now Aviva) which is due to mature at the end of Sept 18.
The policy is in my name, the assured name is mine as it is in the life assurance, it also states on the policy schedule that the sum assured is £35,000
A letter from Aviva asking for proof of ownership on maturity claimed that the policy is currently worth only £29,154.12
Now is the assured total(£35k) for the life insurance part or/and for the endowment part/ surely if the policy states a sum assured of £35k then that's what they must pay out?
the policy is 100% unit fund.
Thank you for your time in this matter

TrickyDicky101

Are there any guarantees associated with the policy that will only be operative at the maturity date (that would make up any shortfall between sum assured and actual value at the time)?

What is the specific wording on the policy schedule regarding the sum assured?

dimbo61

Endowment policies usually have a Life assurance part ( ie if you die the policy will pay out £35,000 ) and an investment part which grows over the years to pay off the Interest only mortgage at the end of the term.
Looks like your policy like millions of others is falling short.

amnblog

They assure to pay out £35,000 if you die during the term of the policy.

The value is a different thing and could be lower, as currently, or higher.

If you don’t like the return and don’t need the funds you could wait and see if unit values increase as you have a tax paid investment with on extra tax in your hands. Or course, they may also fall.