2006-08-01 04:32:30 · 5 answers · asked by lukey1 2 in Business & Finance ➔ Insurance
Depends how long it has to go. Is there going to be a significant shortfall when it matures? Don't forget it's really just a life insurance policy and they can pay as much or as little in bonuses as they want when the policy matures.
Endowments are crap- I should know I've had plenty! .lets face it they are a total rip off. but don't be in too big a hurry to cash it in because there are companies which can get you compensation.
2006-08-01 04:39:54 · answer #1 · answered by Not Ecky Boy 6 · 0⤊ 0⤋
I too have had compensation because my policy wouldn't cover my mortgage at maturity. I have a repayment mortgage now but I've continued to pay into my endowment scheme because it's supposed to be a good way of saving. Here's hoping I'll be a rich old lady when it matures! Good luck!
2006-08-01 04:43:02 · answer #2 · answered by Wendyberyl 2 · 0⤊ 0⤋
I would never recommend cashing in an endownment as all the bonuses kick in at the end of the polocy, just before it pays out. Therefore if you cash it in you will only get approximately what you have paid into it without any growth so if you can leave it I would strongly recommend you do.
2006-08-01 04:37:37 · answer #3 · answered by Steve C 4 · 0⤊ 0⤋
I am keeping mine on - you never know, something might happen.
I wrote a letter of complaint to std. life a few years ago, and got a grand in compensation for selling it to me. I also re-mortgaged and took out a larger figure in order to cover the shortfall.
2006-08-01 04:40:18 · answer #4 · answered by spiegy2000 6 · 0⤊ 0⤋
you can see these suggestion about insurance saving.
http://www.bernanke.cn/insurance-saving-tips.html
Wish it will help you.
Good Luck!
2006-08-03 16:17:15 · answer #5 · answered by home_insurance_expert 1 · 0⤊ 0⤋