Unit Linked With Profits Endowment advice needed

HawkesFord

Hi everyone. I'm after a bit of advice. I took out an endowment with a mortgage in 1992. We no longer have the house (or the mortgage) but we are left with the Unit Linked With Profits Endowment that we took out with it.
I have already claimed back some money from the advisors for miss-selling (thanks to this site) but we don't know what's best to do with the policy.
I could turn it in to Standard Life (the company it is with) for the £12000 - £13000 it's now worth, but I've been told that it's best to sell it.
But it seems that no-one wants these Unit Linked With Profits Endowment policies any more.

So the question is, does anyone still buy these policies, and if not, what else can I do with it apart from surrendering it?

Cheers

Vic
(Keep up the great work, now mortgage free and claiming back £££ from the credit companies - excellent!)

Dick_here

You can't sell a unit linked policy. If someone wanted to buy units they'd pay the going rate - i.e. the surrender value - not an inflated price. It's common sense, really.

EdInvestor

HawkesFord wrote: »

So the question is, does anyone still buy these policies, and if not, what else can I do with it apart from surrendering it?

No they don't.I suggest you surrender it and open a stocks and shares ISA each for the money, where you can invest it in the same way but pay lower charges and no tax.

dunstonh

It is incorrect to assume that the charges will be lower or there will be less tax. Some endowments get rid of many of their charges in the early years but have very cheap and sometimes almost non existent charges in the later years. Some have increased allocations as well. There will be examples where switching to stocks and share ISAs is best but there will be examples when it isnt. There is no 100% rule.