OK, I have tried to work out what to do with this policy based on existing threads but they are quite old and I can't find quite what I am after so I have started a new question. Apologies if this is a repetition but when I started seeing the word Zombie used I got quite concerned. I took this policy out in the days of 14% interest and it has not lived up to it's promises. I have other life cover through work so do not especially need the cover inherent in this policy.
Here are the details:
Low cost endowment policy
Maturity: 9.05.2016
Monthly contributions: £64.20
Life cover: £44,600
Guaranteed Basic Sum: £14,588
Bonuses so far: £5,050
Bonus 2011 (last one I could find info on): £48.97
I have 3 years left to go but would I be better cashing it in and paying off a chunk of mortgage (I have an offset type mortgage so no early repayment costs and interest rate is 3.9%)
the surrender value (today) is £24,074 so way below the £44,600 it was aiming for with only 3 years left to go
Here are the details:
Low cost endowment policy
Maturity: 9.05.2016
Monthly contributions: £64.20
Life cover: £44,600
Guaranteed Basic Sum: £14,588
Bonuses so far: £5,050
Bonus 2011 (last one I could find info on): £48.97
I have 3 years left to go but would I be better cashing it in and paying off a chunk of mortgage (I have an offset type mortgage so no early repayment costs and interest rate is 3.9%)
the surrender value (today) is £24,074 so way below the £44,600 it was aiming for with only 3 years left to go