endownment policy

[dave m]

im suing my endownment for been miss sold a endowment policy,just wana know is it worth keepin the policy goin or just sack it

[AlanS107]

How to roughly work out what to do with an endowment:

1.Add up the total of the Guaranteed sum assured and attaching annual bonuses.That's the absolute minimum amount you're guaranteed to get when it matures.

2.Add up the rest of the contributions you have to make to maturity.

3.Ring the life company to find out what the surrender value is at the moment.

4. If 3. is greater than 1. minus 2. then think about surrendering otherwise think about keeping it.

This is meant to be a very general guide and assumes that you are willing to forego the life cover that you continue to get by keeping the policy, and it does not take into account the effect of inflation.

Because we cannot foretell future events, it will always be a bit of a guess on what to do. In the end, it is your decision only, and nobody will be able to give you 100% advice. So use this as a guide, but in the end the decision is yours alone.