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    cashing in endowments

    would you?

    6 Comments

    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

    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.

    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.

    whitbyfish;6008852

    There is no right or wrong answer,it can depend on how badly you need the … 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

    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

    Original Poster

    thanks for this, i will ask hubby to read it.
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