As someone not really acquainted withe the ins and outs of the investment scene I would be glad of advice, opinion etc on the following scenario in which I find myself.
Some years ago, on commencing my first job, I was coaxed, cajoled etc by a very persistent financial adviser for Irish Life into taking out a policy with the company. My late parents thought it was a good idea at the time and so I commenced payment of a nominal monthly sum into said Investment account, which is now called a Managed Accumulator (Managed Fund S2). There were 2 partial encashments over the years to fund specific heavy outgoings at the time.
In recent years I've been getting an annual Plan Summary/Statement showing Plan Summary, Fund Information, Benefit Details etc
On the most recent statement, the current Cash In value of the plan exceeds the total premiums paid in but under the heading Benefit Details there is a figure shown as Life Cover which is lower than the current Cash In value ?
What is my best option at this point vis a vis this Plan, should I :
- Cash in and reinvest elsewhere for a better return via an independent financial advisor
- Continue current level of premium payments
- Increase premium payments if circumstances allow
Apologies if information above may not be adequate to offer an informed opinion or if posted in wrong forum but as I said I've been paying this small premium for a number of years without looking into the value of retaining/raising or encashing and the recent Summary Plan Statement from Irish Life prompted me to look into it in more detail, thus this posting. I realise that I could seek advice from Irish Life but I would expect a sales pitch in response so hoping for some independent advice or direction from the enlightened posters here in Askaboutmoney.
Thanks !