I've had my head stuck in the sand about a 25 year Canada Life Concordia Investment Policy I took out in 2000 and I've resolved to educate myself about what I'm paying into and determine if I should continue to do so.
Has anyone any information about the value of this policy? Is it good, bad, or middling. Should I cash it in, continue paying, or stop paying and leave it run to maturity?
- I pay €64.10 per month into the policy and have done so since June 2000, an approximate total of €10,500.
- Current surrender value is €8,600.
- The policy includes life cover of €18,000
- Annual "bonuses" are added to the policy every June, these are decreasing every year.
- A terminal bonus is payable in 2025 - the value of which is unknown but an estimate is being sent by Irish Life who now manage Canada Life business.
- I can cease payments to the policy but not cash it in and leave the current funds there until maturity. Life cover will cease with this option but it will still receive the terminal bonus, if there is one.
Has anyone any information about the value of this policy? Is it good, bad, or middling. Should I cash it in, continue paying, or stop paying and leave it run to maturity?