I have a policy that has been running for 20 years, I pay only £32 month. It is supposed to pay off £32k mortgage but currently only worth £14k. Should I:
1.cash it in and put the money in a high interest savings account
2.keep it going for its remaining 5yrs
3.cash it in, buy a decent boat an
it should have given me £29000 + bonus but was told i would only get £19000 when matures. and £18500 if i surrender now
looking for advice please
I don't know.
I know it can be achieved, but no-one I know has ever had a quote that matched the surrender value. The criteria companies that buy use are generally:
1) With profits policies only
2) More than three years old
3) Of a large-enough size.
Most companies are traders - ie they will buy and sel