Should I take the money and run from my with profits Royal Liver life assurance policy

W

W200

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Hi.
Took out a with profits life assurance policy in 1982 with Royal Liver. This was for ten thousand punts substantially adjusted to €12698. Over the following years with bonuses added the sum guaranteed increased to €27805. About ten years ago they stopped adding an annual bonus and the sum assured has remained at €27805. The policy is due to mature in 2023 with that sum guaranteed and the possible addition of what they call a “ terminal bonus “ . This bonus is not guaranteed and a bit of research online suggests that it is unlikely to happen.
I have checked out the value of the policy if cashed today and have been offered €33000 .
Thankfully I have no immediate need for this money but my question is should I cash in now or wait for the possibility of a bonus in 2023.
Thanks in advance for your advice.
 
Some years ago, we sold a with profits policy for more than its value. In other words, if someone will give you 33k for it, it is because they think they will get substantially more for it in 2023. We needed the cash, but you might fancy taking a chance.
 
Hi.
After two and a half years I am blowing the cobwebs off this old topic and once again asking for your help . Thankfully I have survived to see my life insurance policy pay out . I did consider cashing out in 2020 but decided to stick with it .
Just to clarify . Life ( with profits ) policy taken out forty years ago .
Payments approx €20 per month so total payments €9600.
Policy payout = €51,000
My question is . How much do I owe the taxman
I am a PAYE taxpayer .
Have done some investigation online about tax due on this but I am still unsure .
Thanks in advance for any advice .
W200
 
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