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Maxidowment Plus Policy Woes - Horror
bigmex
Posts: 9 Forumite
ADVICE PLEASE
In 1999 my wife took out Maxidowment Plus Policy with Friends Provident _ £50 per month with insurance cover of £4500 - with horror we have just noticed our annual bonus of 0.91 pence - thats rigth ninty one pence. We have invested this year £600 into this policy and they issue us with a £0.91 bonus. Of course the adverising splur says the normal 'savings plan with excellent growth potential' for example and lists what would happen at 4,6 and 8% growths.. what a rip off - anyone out there with advice - do we let it run its course for the next 18 months? - any other options - please advise
In 1999 my wife took out Maxidowment Plus Policy with Friends Provident _ £50 per month with insurance cover of £4500 - with horror we have just noticed our annual bonus of 0.91 pence - thats rigth ninty one pence. We have invested this year £600 into this policy and they issue us with a £0.91 bonus. Of course the adverising splur says the normal 'savings plan with excellent growth potential' for example and lists what would happen at 4,6 and 8% growths.. what a rip off - anyone out there with advice - do we let it run its course for the next 18 months? - any other options - please advise
0
Comments
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It didnt just make 91p though last year did it. It had the guaranteed sum assured to factor in and what about terminal bonus? You only mention the annual.
Also, most medium risk or lower investments lost money or broke even in 2007. It wasnt a good year for investments unless you took higher risk.
With it having just 18 months left, you need to look at what surrender penalties exist as you may find it costs more to exit then continue.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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