My mortgage is secured by three endowment policies, all of which mature next year, starting in June 2008. One of the policies (with 7100 guaranteed death benefit) taken out in 1983 has a shortfall according to the insurers (Phoenix). I was contemplating making a mis-selling complaint but is it really worth the bother for such a small amount (the shortfall would be
1000 at most). The other two policies were both taken out in 1983 (17850 & 2500 death benefits) and I have received green letters for both of these policies. The mortgage outstanding is about 27000, so hopefully I should easily be covered next year.I would be interested to find out details of the terminal bonuses on these policies. The insurance company seems very reluctant to divulge such information, although I was once told verbally by a Phoenix representative that the terminal bonuses could be as much as 40% on the older policies - I find this very hard to believe.
Also, would it be worthwhile changing my mortgage to a low fixed interest rate for the final year and perhaps saving a few hundred pounds? I appreciate that there would be a transfer fee and possibly a final settlement fee but perhaps I could still save some money. I approached my present lenders (Darlington BS), but the offers they made were insulting. If I said I was changing my lender, they might be more generous. I pay about 220 monthly to them at present. I would dearly like to rob them of some of the final year's interest while I still have the chance!
Roll on 2008, when my mortgage and endowment payments will be finished and I will also receive my state pension next July. New cars & world cruises here I come, although a relocation abroad is worth thinking about as I really hate the UK and the government with its pathetic policies and nanny state conditions. Also the horrible climate. Any suggestions - Spain or any other warm European country, preferably with a good health service & cheap property prices. Australia & the far east are too far away from my family.
Terry D.