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endowment help
blackpoolowl
Posts: 42 Forumite
i have currently got an endowment running with royal sun alliance, have had it for about 10 years & have around 10 years left to pay on it.
i am paying £90.80 each month but i no longer have a morgage ( haven't had for the last 18 months) i dont miss the money each week but the prejection for the matured policy only seems to give me a couple of thousand profit on something over 20 years,when i was sold the policy the value was supposed to be between £35000 - £42000. i understand this is tax free (i think it is anyway!) my question is should i carry on paying in or invest the £90.80 elsewhere?
i have paid around £10000 into the policy & i have been told if i surrendered i would get close to £8000.
any help would be great
thx
i am paying £90.80 each month but i no longer have a morgage ( haven't had for the last 18 months) i dont miss the money each week but the prejection for the matured policy only seems to give me a couple of thousand profit on something over 20 years,when i was sold the policy the value was supposed to be between £35000 - £42000. i understand this is tax free (i think it is anyway!) my question is should i carry on paying in or invest the £90.80 elsewhere?
i have paid around £10000 into the policy & i have been told if i surrendered i would get close to £8000.
any help would be great
thx
0
Comments
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Read recent posts on royal sun alliance. These will help guide youI 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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you will need proffessional advice and I suggest you take it up.
Two points I note, you have paid off your mortgage, all well and good. I understand that part of the payment for the endowment is for life cover. is this really required now?
Secondly, if you say you no longer need the 'money', a more versitile place for it could be a ISA?
Anyway, these are only pointers and you should seek advice and help. I amn sure one or two could pop up on this site0 -
My position is very similar so if you get any good advice I would appreciate a heads up - I've tried to make a claim through the Financial services Ombudsman but have found them obstructive0
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