Aviva low cost endowment payout

VXman

Well Crag30 was pretty close. £39518

This includes an £8400 which was promised to all policy owners when Aviva took over the policy from the previous company. A kind of minimum bonus guarantee.

I was reasonably pleased with the outcome having had regular red warning letters over the past 10 or so years.

My calculations say that's a roughly 5% growth rate. Is that right.

Question is What to do with that money now. As in investing it for 5 years or so.

earlymorning1976

I had an endownment mortgage in 1994 and then moved house so the endownment did not carry on, it is now at time of maturity but becuase I stopped paying do I still have anything to come back from it?

Crag30

VXman wrote: »

Well Crag30 was pretty close. £39518

This includes an £8400 which was promised to all policy owners when Aviva took over the policy from the previous company. A kind of minimum bonus guarantee.

I was reasonably pleased with the outcome having had regular red warning letters over the past 10 or so years.

My calculations say that's a roughly 5% growth rate. Is that right.

Question is What to do with that money now. As in investing it for 5 years or so.

Do I win half of it for being the closest :beer:

TrickyDicky101

VXman wrote: »

Well Crag30 was pretty close. £39518



My calculations say that's a roughly 5% growth rate. Is that right.

Question is What to do with that money now. As in investing it for 5 years or so.

Yep - I make it c. a 5.2% annual equivalent rate. That doesn't sound bad to me. Congratulations!

Old_Lifer

earlymorni - A quick reply. If your policy has not been terminated and still has a value, the Life Office will write to you a month or so before the maturity date, provided they have your current address.


Otherwise, you could write to them mentioning your policy number. If you cannot find their address, just tell us the name of the Life Office at the time you took-out the policy and someone here will probably be able to give you current contact details.

kingstreet

Old_Lifer wrote: »

Although performance tables were published each year during the heyday of endowments, few people would have received the maturity amounts shown

You'll have to forgive my cynicism but being a broker consultant for Sun Alliance in the mid 1980s all we got was Standard Life this and Standard Life that as they became masters of having just the right amount of terminal bonus (usually 60%+) to ensure they topped the charts for all three periods in the May issue of Money Management when the results were tabulated.

Old_Lifer

Spot on Kingstreet !


I seem to remember one Life Office which over a two year period and presumably in a desire to increase market share, went from nearly 20th in the performance tables to a top ten position in the first year, to a top five position in the second year.


Endowments were of course, only one area of business for a Life Office. those lower down the performance tables probably felt they had enough endowment business and wanted to concentrate on other areas.


I always found it interesting, where a Life Office had a with-profits fund and a managed fund, to compare the two. The managed fund was often way down the performance tables.

Moley1a_2

Hi VXman
I’m nearing the same position, in that I have an endowment with a promise but I’ve found myself able to pay the mortgage by other means and key the endowment going as a savings opportunity.
We’re there any conditions when it came time to finish up, or did you just get a lump sum paid to you (inc the promise)?

Old_Lifer

The Life Office will write to you about a month or so before the maturity date with documentation for you to sign. Payment is often made into the account from which you paid the premiums but you may be able to choose another bank or building society account in your own name.

VXman

Moley1a_2 said:

Hi VXman
I’m nearing the same position, in that I have an endowment with a promise but I’ve found myself able to pay the mortgage by other means and key the endowment going as a savings opportunity.
We’re there any conditions when it came time to finish up, or did you just get a lump sum paid to you (inc the promise)?

Sorry - very late reply. Just saw this when searching for an old post.
No, you just had to sign to prove who you were (maybe some kind of proof required?) and provide a bank account number to put it in.Quite simple.