30 Year Endowment Policy

adie_white

Hi

Started this policy in 1998 and have been paying in £35.00 per month and still are !! Have our yearly statement and currently the guaranteed amount + all bonus's is £12490, over 30 years we will have paid in £12600. Should we just cut our losses and save elsewhere?

Thanks Ady

dunstonh

Tell us about the endowment. Without info we cannot give any opinion.

adie_white

its with friends provident and it was for my retirement

dunstonh

Just so I can clarify. You bought an endowment policy in 1998 from Friends Provident to fund your retirement?

Why wasnt a pension taken out? or an PEP/ISA? Can you remember?

If it was an FP tied agent, then I can understand them not doing a PEP/ISA as they typically had minimum premiums higher than £35 and a tied agent doesnt have to give best advice but closest match on their product range. In which case, for lump sum provision the endowment would have been the right product (although by 1998 the writing was on the wall).

I would be questioning why a personal pension wasnt recommended. That doesnt answer your question about whether to continue or not but I would be asking the adviser why an endowment was sold for retirement provision when a pension would have been better.