endowment quandary
We have a standard life endowment policy that (at least last year) was on track to pay the mortgage. It was originally a UK one (started 1986) but was reassigned when we moved to Ireland in 1997. Premium is 89euro/month, sum assured is 20,900. Last year's surrender value was 38K, now dropped to 34K. This policy is to cover a mortgage of 67K. We have a top up mortgage of 15K with the same lender. Questions:
1. Is this policy a good one (or the best of a bad lot?)
2. Shall we hold on or surrender/sell the policy, pay off half the mortgage and remortgage as a repayment?
My wife and I each have a 50€/month SSIA's - is it worth "sacrificing" potential terminal bonus to maximise SSIA in case Charlie puts a cap on them?
I have been checking the Motley Fool endowment section and the increasing feeling there seems to be to get rid of these policies asap.
Yours in a quandary