Should I get rid of my endowment policy

heidimai

Hi,
I have a small top up endowment left from an old mortgage arrangement. I took it out with standard life in may 2000 when we moved house. We now have an offset mortgage. I keep getting paperwork for it saying it is an amber alert. It is with standard life so I am not sure if I would get any money if they demutualise and if it is worth keeping on or whether to cash it in or if I would get more money selling it?
the details are.
company - standard life
start date - 23/5/00
end date - 23/5/23
monthly payment - £30.06
target amount - £13,290
what we might get back - low rate £9,620. intermediate rate £11,800, high rate £14.500
current value, £1,681.24
with profits bonuses currently at 2% a year

I don't really understand it all but I feel that it's not earning a lot and the £30 would be better saved elsewher.
can any advise me?
cheers
Heidi

EdInvestor

Hello Heidi

I'd keep it until after the demutualisation and then review it.With a small policy like this, the flat rate compensation for loss of membership, which in past DMs has usually been 500 pounds, will give it a good boost.

I assume this is a unitised With-profits endowment and you are definitely a member ( you would have got voting papers for the recent AGM).

heidimai

I think you are right, I am sure we get agm stuff and the like. It says life with profit funds - total units 847.647 on it so I asume that means it's unitised like you said.
many thanks for the advice, i'll wait for the windfall and the get rid.
cheers
Heidi