Hi there,
I started a Royal Liver with profits endowment savings policy back in Nov 1999.. It is a 15 year policy. I can honesty say that I had no idea what I was signing up to - a family member was working for them and said it was a good idea, so I thought why not. Daft I know, but was in early 20s and totally clueless.
Anyway, I have been paying EUR 63.49 (equiv. of 50 punts) per month since then. That 761.88 pa for 9 years 5 months - Total of 7174.37 paid in so far.
I noticed that the bonus rates for the last few years have been woeful, 1%, 1.25% for the last 2.
Also, worryingingly, the Sum Assurred total on my last statement was
EUR 10,208 which will be less that the total I invest at date of expiry. (I contacted RL for more information on this and got 6 pages of policy Ts & Cs in the post, none of which really clarify this.)
I also contacted Royal Liver and asked about cancelling the policy. They quoted a surrender value of EUR 5,800, so significantly less than I have paid in.
I am at a loss as to whether to cut my losses and re-invest the surrendered amount elsewhere with better interest or whether I should keep paying in for the next 4.5 years. What do people think?
Thanks in advance,
Marge
I started a Royal Liver with profits endowment savings policy back in Nov 1999.. It is a 15 year policy. I can honesty say that I had no idea what I was signing up to - a family member was working for them and said it was a good idea, so I thought why not. Daft I know, but was in early 20s and totally clueless.
Anyway, I have been paying EUR 63.49 (equiv. of 50 punts) per month since then. That 761.88 pa for 9 years 5 months - Total of 7174.37 paid in so far.
I noticed that the bonus rates for the last few years have been woeful, 1%, 1.25% for the last 2.
Also, worryingingly, the Sum Assurred total on my last statement was
EUR 10,208 which will be less that the total I invest at date of expiry. (I contacted RL for more information on this and got 6 pages of policy Ts & Cs in the post, none of which really clarify this.)
I also contacted Royal Liver and asked about cancelling the policy. They quoted a surrender value of EUR 5,800, so significantly less than I have paid in.
I am at a loss as to whether to cut my losses and re-invest the surrendered amount elsewhere with better interest or whether I should keep paying in for the next 4.5 years. What do people think?
Thanks in advance,
Marge