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jasmine | Endowment policy advice needed? |
I have an endowment policy that is due to mature in 2013. There is no mortgage linked to this policy and I have been using it as a savings plan. The life insurance element of the policy is no good to me as if I die before it matures the life cover pay out would go to someone else (part of a divorce agreement). The insurance company are quoting a surrender value of apx £17K, with a forecast of around £30K if I wait until 2013. I will be 63 in 2013 and am worried that if I don't make 63, I won't see a penny of this and it'll all go to my ex. A solicitor has advised me that under the wording of the divorce agreement I could surrender the policy, invest the money more wisely and in the event of my death before 2013 my ex would only get the surrender value. It is bothering me that I am paying £700 a year into a policy that I may get no benefit from. Any advice please.
Additional Details
To clarify, if my ex dies before me then I have sole rights to the policy and can nominate a new beneficiary for the life element. If I survive beyond the maturity date then I collect the £30K and the ex gets nothing. |
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Valiant
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If you pay into this policy for the next 7 years you will pay circa £4900 into it. The balance (compared to the surrender value today) Will increase by circa £13000. I would say keep it.
If it is a 25 year policy then you have already made a profit if you cash it in £17K against £12600 paid in).
Is there any way that you could write this policy outside your estate so it would then pass to your next of kin.
Look on the bright side, if you do make 63 and you have cashed it in with a £17K payout and not kept it for £30K, then you will probably be a little miffed.
I understand your feelings towards your ex however, I stand by my original statement to keep it. As the life expectancy in the UK for a female is circa 81, I Think you have a damn good chance of reaching the final date of the policy. |
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sweynseye2002
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A tricky one,and a few what if`s. What if your ex. dies before you? Would you then benefit from the policy? If you invested the k17 now,what would your ex. get assuming you both survived till 2013 and left the investment running till then? If you survive the policy do you collect all the payout or do you share with your ex. Sorry for all the questions,but i think they are relevant to your query. |
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psjdeqtg
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If it is a with profits policy and not unit linked then there are companies on the market who will get a better price than the surrender value for you either by buying it themselves and selling it on or finding a buyer for you. The new purchaser carries on paying the premiums and collects on maturity Look in the financial sections of the better papers and look for Traded Endowment Policies. All the best. |
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vijay_rangari
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Cash it in and buy a nice car, plasma TV and new furniture. Then go on holiday with the money left over. |
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SmartBlonde
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I suggest that you surrender the endowment now and re-invest the money with the help of an independent financial advisor (IFA). (Better yet talk to an IFA before you make a decision) By re-investing this money in other ways you should be able to equal or nearly equal the £30000 by 2013.
Speaking to an IFA is usually free in the first instance. They will explain everything and they are required by law to work in your best interests. Look up Financial Advice in the phone book or type Independant Financial Advisor into Yell.com for your area. Be sure to talk to an 'Independant' advisor and not one associated with a bank or other investment group as they can only sell their own investment products. |
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hugbobs
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If you take the 17k and invest it in the best paying account you can find - same with the 700 per yr - invest that monthly also. by 2013 that would have become approx. 30k. Thats invested dead safe.
If you could be more adventureous and invest it in shares ie unit or investment trusts there's a good chance it will become 35k plus - maybe a fair bit more - depends where you put it.
Initial charges can be high but if you invest via a 'supermaket' there's little or no charge. A good online investment broker is Best Invest. Even if only for the information you glean from their site. Good luck. |
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