cashing in endowments - HotUKDeals
We use cookie files to improve site functionality and personalisation. By continuing to use HotUKDeals, you accept our cookie and privacy policy.
Get the HotUKDeals app free at Google Play

Search Error

An error occurred when searching, please try again!

Login / Sign UpSubmit

cashing in endowments

£0.00 @
would you? Read More
craig guy Avatar
7y, 10m agoPosted 7 years, 10 months ago
would you?
craig guy Avatar
7y, 10m agoPosted 7 years, 10 months ago
Options

All Comments

(6) Jump to unreadPost a comment
Comments/page:
#1
No general answer and dont just believe the hype that 'all endowments are rubbish' as they're not

Get some advice, it has to be right for you in your own financial circumstances and nothing general

If you still have an interest only mortgage then would always ask what you plan to do to pay the mortgage off without the endowment? Remember you also lose life cover, more expensive as yo uget older and any illnesses since can mean replacement cover gets more costly

Have some advice, dont use a forum on here
#2
We haven't cashed our in.
The life insurance is good. The lump sum will be better in the future than it is now ( IMO!!).

I wouldn't touch independent financial advisors with a barge pole since they were the ones who got us all to swop repayment mortgages for endownments ( ours retired on the proceeds).

I think that time is almost run out for claiming compenstation via the FSA, if your endowment has a shortfall.
#3
There is no right or wrong answer,it can depend on how badly you need the money!

If you decide to cash get a redemption figure from the insurer AND a competitive price to sell it to a broker.
#4
whitbyfish
There is no right or wrong answer,it can depend on how badly you need the money!

If you decide to cash get a redemption figure from the insurer AND a competitive price to sell it to a broker.


True, remember yo ucan only sell what they call conventional endowments - if you have what they call unit linked you cant sell these as they invest in funds you can invest in today so no point anyone buying it
#5
I changed from endowment to repayment mortgage so my home is safe. However as the endowment part of my old mortgage was onlt £40 a month we kept this on. As said not bad life cover for the money and when we checked at cashing it in we' d only lose a few hundred to what we actually put it as almost 12 years old now. So we decided to keep as rainy day fund as they send us updates annually.

If we can hold on to it for the full term w should have nice lilttle pot of money a few years b4 our son turns 18 and be wanting car/ university/ deposit for a home and be fantastic if we can help him out
#6
thanks for this, i will ask hubby to read it.

Post a Comment

You don't need an account to leave a comment. Just enter your email address. We'll keep it private.

...OR log in with your social account

...OR comment using your social account

Thanks for your comment! Keep it up!
We just need to have a quick look and it will be live soon.
The community is happy to hear your opinion! Keep contributing!