endownment(1983) how do i know what i will get?

hostertlady

Now dont shout at me but my policy finishes soon and to be honest i have no idea what i will/might get back, it was taken out to cover a £11,000 mortgage and has life cover.

I dont know why but i thought i would get something like over £11,000 back ( the £11,000 plus any bonus ) but that's not right is it?? because most of it was life cover wasnt it?? yes i know i am waffling but if i post figures can you have a look for me please?

this is how it is written down in my last statement, (phoenix, formally sun alliance, formally royal life) payments are £14.81 a month
min death benefit: £11,000
maturity date: 13/12/2008
amount on which basic bonus is calculated: £3872
bonus earned to 31.12.2005: £4937.93
new bonus added this year: 22.02
total bonus earned to 31.12.2006: £4959.95

thank you

maninthestreet

Excluding any terminal bonus, you'll get £3872 + £4959.95 = £8831.95

hostertlady

thanks man, do you think there will be any added for this year, i usually get statements sent to me in july..

god i am useless i honestly thought i would get about 14,000 ( the 11,000 plus the bonus's!) but i have been reading a lot of threads about endownments and it suddenly became very clear that i wasnt going to be as rich as i thought.........

gfplux

First you should have been getting annual statements, as your last statement is 2005 you are missing some.
Do they have your correct address. If they don't then you won't get any money!
I would also have thought you would have received some warning letters that the endowment would undershoot the £11000 mortgage.

hostertlady

hi gf,

yes i have been getting regular statements, the figures that i posted were from the 2006 bonus declaration and the statement was dated july 2007..
and i also have been having letters saying it is on track- just looked at my file after your post-
it says:

GREEN LETTER: PLAN ON TRACK
we are pleased to confirm that your plan is currently on track to repay the target amount of £11.000,

why would they say that?? if it isnt??

EdInvestor

There must be an additional terminal bonus amount included.

It would be worth ringing them up and asking for a 'surrender value', which will tell you how much the plan is worth right now.

hostertlady

thank ed,

just phone and ask what the surrender value is? that's it?

EdInvestor

hostertlady wrote: »

thank ed,

just phone and ask what the surrender value is? that's it?

Also ask for the "current value" of the policy and a breakdown of this into

guaranteed sum assured
declared bonuses
terminal bonus

Qual123

The terminal bonus is the biggest one. it looks to me that you are on track to reach £11000 and i would suggest you might even get a little bit more. Green letters are only sent if the policy is on target to reach the sum. therefore they are telling you that you will get atleast £11000.

hostertlady

i will phone on monday morning and maybe, just maybe i might be pleasantly suprised..

Dick_here

Or you could leave it for now and be pleasantly surprised just before Xmas...