MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
Looking for some advice...
I'm considering flogging off an endowment policy which has run 12 of its 25 years (recently re-mortgaged to take this out of the equation). I've had a surrender quote from the provider (which isn't too bad) but I'm trying to get a quote from an online endowment broker.
Has anyone done this? Was it worth it?
There are a couple of details I'm unclear on and the website "help" buttons don't seem to function:
"Total reversionary bonus" - what is this?
"Minimum Life Insurance Amount (not the amount payable on death)" - what figure goes here?
Cheers,
SC
Oh yeah - are there any pitfalls? Hidden charges to be aware of?
I switched to a repayment a while back, sent off for quotes to loads of the usual suspects, AAP came back with the highest quote by a couple of grand.
I kept mine as it is only a bit more than the insurance would cost, but then I also refused the £800 they recently offered to get me to accept the re-attribution of funds, I just couldn't get my head around why they would do it, but I suppose that will come out in the wash as it were. If the money mattered I would of gone with AAP.
HTH.
2unfit. I did the same recently. Aviva i presume? I just couldnt work out why they were offering money for it unless there was an implication for the future. Yours must be bigger than mine as i only had about £400 riding on it but i deemed with 10yrs to go there was enough of a chance for it to 'mean' something and a possible bigger payout in future. Just didnt trust anyone connected with it
Aviva here too - I took the money (not a huge sum TBH) but because I was remortgaging at the same time I'd pretty much decided to ditch the policy and now is the time because I need to re-do the life insurance bit. The whole thing did sound a bit fishy though; take the money now but surrender any future payout rights... voting NO may well make sense in the longer run.
aap sound promising, but I need to get some details from Aviva first.
As well as the reattribution, wasnt there 3 bonus payments scheduled over a period of time as well. They were quite big amounts if i remember correctly. Just make sure yours has had all three as they may make a difference to the value.
Good point!
I better speak to them before I cash it all in.
TheLittlestHobo, the payouts were before the reattribution, got all of those, still trying to work out why a company would settle for less than 10% of the funds to move the money!