Equitable life again!

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gracejones_2
gracejones_2 Posts: 2 Newbie
in Pensions, annuities & retirement planning
I know, sorry, but it's that time again.

I'm another unlucky !!!!!! who has been caught out by the beast that is Equitable Life.

Q:Should i leave Equitable Life? if so where to go?

My policy is c.10years old, unit linked and i'm 32, self employed and as with alot of other people i have ridden the storm with E.Life probably too long. The exit costs are what kept me in, but the performance has been v.poor, so... :confused:

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  • dunstonh
    dunstonh Posts: 116,387 Forumite
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    it depends on the charges, the funds and the guarantees. These can be compared with leaving it where it is against moving it.
    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.
  • gracejones_2
    gracejones_2 Posts: 2 Newbie
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    I suppose i need to reword the question.

    Q: Is Equitable Life a good long term company to have policy with/has Equitable got over the nightmare/is the company a safe proposition anymore?
  • dunstonh
    dunstonh Posts: 116,387 Forumite
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    Depends on whether the funds are with profits or unit linked. If with profits, then financial security may be a concern but the costs of leaving may be higher than staying put. In addition, there may be guarantees built into the plan which are worth staying for.

    The problem is that you want a straight answer but there isnt one without knowing the details about your policy.
    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.
  • Pal
    Pal Posts: 2,076 Forumite
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    As a VERY general guide I would suggest that if you are in the with-profits fund (which you no doubt are) then at age 32 you should probably be looking to get out and invest in something that will enable you to make up the surrender penalty over time. Anyone over 50 should probably stay where they are, but Equitable is not a place to be for anyone who is relatively young.

    That said, the normal caveats apply: It depends on your attitude to risk, it is impossible to say without knowing the details of your policy, speak to a financial adviser.
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