I have a unit linked endowment with Phoenix Life, details as follows:-
Start date: 26 Feb 1990
Maturity date: 26 Feb 2015
Monthly payment: £65
The policy is not linked to a mortgage as this has been paid-off so the life cover of £45k is no longer relevant.
My dilemma is whether or not to surrender the policy now or let it run for another 2 years.
The current surrender value with no penalties (quoted last week) is £31,200; I appreciate that this can go up or down on a daily basis.
If I let the policy run to maturity date I will pay-in another £1560 with no guarantees that the policy will be worth any more than the current value - it may even be worth less.
What should I do....?
Any advice appreciated.
Start date: 26 Feb 1990
Maturity date: 26 Feb 2015
Monthly payment: £65
The policy is not linked to a mortgage as this has been paid-off so the life cover of £45k is no longer relevant.
My dilemma is whether or not to surrender the policy now or let it run for another 2 years.
The current surrender value with no penalties (quoted last week) is £31,200; I appreciate that this can go up or down on a daily basis.
If I let the policy run to maturity date I will pay-in another £1560 with no guarantees that the policy will be worth any more than the current value - it may even be worth less.
What should I do....?
Any advice appreciated.