How do I get rid of my endowment policy?
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benyamin
Apprentice
Joined: 26 Nov 2007
Posts: 4
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 Posted: 03/04/08 - 07:37 Post subject: |
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| Hello! Eight years ago I got a promotion on my work and with it a higher salary. I decided to get myself an insurances policy, to invest additional amount of money. However, my financial situation during these eight years has changed. Since I need some extra cash it occurred to me that I can use my insurance policy. So, the question is, can you cash in endowment after 8 years? Thank you in advance. |
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olivie
Apprentice
Joined: 09 Aug 2007
Posts: 4
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| Posted: 04/03/08 - 02:36 Post subject: |
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| Hi there! In my opinion, good thing about insurances is its flexibility. According to it, you can cash in the endowment after any period of time. You don’t have to wait for the end of policy stated in the contract. However, there is a catch. The amount of money you will get depends on an insurance company. Their decision is based on how long are you paying for the policy and how much money have you already paid. The sum is decreased for the so called “market value adjuster” with which insurances protect themselves from selling investment units when the terms are not good. Also, the sum you will get depends on the type of the policy you have. As you may know there are full endowments, low-cost endowments etc but I don’t want to bother you with that. In any case, I hope you will get the most of your endowment. |
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