Do I sell or Keep endowment ?

belfastgal

Have had an endowment since Dec 1992 have paid £34.75 per month, a total of £6255
I rang today and they quote me a suurender value of £7220
It is with Clerical Medical - With Profits
It is due to mature in 2017 Dec- 1st. I will have paid a total of £10425 - the amount still to pay over the next 10 years is £4170
we paid our mortgage off a few years ago and have a few other properties that we rent out so we feel we have a bit to fall back on should we ever need it.
The mortgage was for £25,000
4% 6% 8%
and the projections are :
Projected Final Amount - 14,900 17,900 21,200
Projected Shortfall - 10,100 7,100 3,800

it also said on the letter Guaranteed Death benefit 25,000
including with profit endowment sum assured of £8275
hope someone can understand and advise on this .

belfastgal

Anyone ?? just trying to bump this one

Dick_here

Ignore the projections and find out what the current maturity value is. Compare that against the current surrender value (taking off the total of premiums still to be paid) and go with your gut instinct, bearing in mind maturity values may well be less in future than they are now.

belfastgal

!!!!!!_here wrote: »

Ignore the projections and find out what the current maturity value is. Compare that against the current surrender value (taking off the total of premiums still to be paid) and go with your gut instinct, bearing in mind maturity values may well be less in future than they are now.

Hi

The current Maturity Value is £14,000 - 4%. Not sure what this means...........Anyone ?

sheslookinhot

It means if the current value grows by 4% then it will be worth £14,000 at maturity.

Dick_here

But these projections do not always match the reality. Phone and ask them what an identical policy would pay out if it was maturing now.