Cashing in an Endowment (with Profits) Policy
21 May 2001, 03:27 PM
#3
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advice- dont unless your happy for someone else to get your final bonus- they dont buy them for charity!!!
tiggs
ps- unless your desperate then use any one of loads of firms, simple search on www is prob. easiest
tiggs
ps- unless your desperate then use any one of loads of firms, simple search on www is prob. easiest
21 May 2001, 04:30 PM
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I am NOT authorised to give investment advice, but you might have three options;
1. Cash it in, and lose money.
2. Sell it on as a traded endowment policy.
3. See if you can take a policy loan against it with your insurance company.
For people that trade in these policies try
1. Cash it in, and lose money.
2. Sell it on as a traded endowment policy.
3. See if you can take a policy loan against it with your insurance company.
For people that trade in these policies try
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22 May 2001, 06:32 PM
#8
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I'm not qualified to advise either but:
I cashed mine in some years ago, made a little money and certainly more than selling it.
My brother sold his. Yep they get the final bonus, but why else would they buy it and they are taking the risk on the downside that the profits may be smaller.
Bear in mind that most of the admin charges are loaded in the first (I think)3 years.
If you dont need the capital tied up, but just can't afford the monthly payments, consider suspending it (I think you may be able to do this).
If it is linked to your mortgage consider very carefully what you are doing.
And finally without being a scare monger, at the time I cahsed mine in, there was a lot of talk about someone else having an interest in your life from the drop dead part......... the risk being someone might murder you to get the policy cash...
Sweet Dreams
Dave
I cashed mine in some years ago, made a little money and certainly more than selling it.
My brother sold his. Yep they get the final bonus, but why else would they buy it and they are taking the risk on the downside that the profits may be smaller.
Bear in mind that most of the admin charges are loaded in the first (I think)3 years.
If you dont need the capital tied up, but just can't afford the monthly payments, consider suspending it (I think you may be able to do this).
If it is linked to your mortgage consider very carefully what you are doing.
And finally without being a scare monger, at the time I cahsed mine in, there was a lot of talk about someone else having an interest in your life from the drop dead part......... the risk being someone might murder you to get the policy cash...
Sweet Dreams
Dave
25 May 2001, 06:30 AM
#9
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I am not an IFA therefore I don't need to give you the bumf about quality of advice.
The bottom line is that it depends when you bought it. Older policies that main charges were loaded in the first year, but more recently Standard Life introduced level term loading which means they are spread througout the whole life of the policy which gives you better short term surrender rates.
Anything beyond 5-7 years is worth considering auctioning/selling in the second hand market; 15 years plus is worth trying to keep, the terminal bonus will be worth waiting for; less than 5-7 years just surrender it, especially if it with SL or similar.
Spooky
The bottom line is that it depends when you bought it. Older policies that main charges were loaded in the first year, but more recently Standard Life introduced level term loading which means they are spread througout the whole life of the policy which gives you better short term surrender rates.
Anything beyond 5-7 years is worth considering auctioning/selling in the second hand market; 15 years plus is worth trying to keep, the terminal bonus will be worth waiting for; less than 5-7 years just surrender it, especially if it with SL or similar.
Spooky
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