Income Security Plan Surrender

Befudled1965

Hi Folks, Can anyone out there help? I recently asked Aviva for details on surrendering an Icome Security Plan I have had with them since 1998. In honesty, I just wanted to stop the payments and did not realize that there was a value to the policy. In short, it is worth approx. £6000 if I surrender it now. My question, which Aviva will not answer, is approximately how much will it be worth on maturity in December 2024? I know it is dependent on stock market performance etc. so an accurate figure is impossible, but I'm trying to work out in my head whether it is worth waiting or not. Will it just be an extra thousand or so, or is there likely to be a big advantage to letting it mature? Thanks for any advice.

Old_Lifer

An income protection policy which has a surrender value ?   It matures too ?

Befudled1965

It does indeed - to my surprise.

dunstonh

My question, which Aviva will not answer, is approximately how much will it be worth on maturity in December 2024?

My crystal ball tells me that it could be worth.....   (pick a number).    It really is impossible for us to even guess at as we don't know the product terms.

An income protection policy which has a surrender value ?   It matures too ?

A number of early to mid 90s PHIs were investment backed.  Same problem as life assurance plans.  i.e. differing target growth rates, different investment performance based on different risk levels and funds.     Their only saving grace is that 90s PHI policies are often better on the coverage front than some of these modern cheap plans with clauses for everything.

TELLIT01

I'm not surprised Aviva won't attempt to answer the question.  It's impossible to know what will happen to financial markets over the next 3 years so the value might sky rocket and equally could take a complete dump.  If you take it now you at least know what you will be getting, beyond that it's a complete guess.

Befudled1965

Thanks for the replies. You've made my mind up for me.