Endowment policies - are they totally screwed now?

[SobranieCocktail]

We're having money troubles, and I'm seriously considering cashing in my endowment policy. I've had it for about 10 years, and it was valued last year at about £11k

I'm going to phone up next week to find how much it's worth now, but just wanted to prepare myself for a nasty shock. Anyone know what's happened to endowments in the last few months? It's with Norwich Union btw.

You may get a better price if you sell your endowment instead of cashing it in. It certainly used to be the case that you would be better off selling it, but I'm not sure whether anyone is still buying them in the current market. It's definitely worth checking out a few of the financial advice websites like Fool or Money Saving Expert to see what they recommend.

Thanks bran I will definitely be looking into selling it rather than just cashing it in, but I'm just curious to know if the value has been slashed. I'm quaking at the thought of phoning NU next week!

Sorry, with the current market conditions it's likely to be worth a lot less than it was last year .

OK, I just phoned them (bracing myself for the worst) and the current surrender value is about £12000. PHEW!!!!

I'm soooo relieved, and will be looking into selling it.

That's good news .

Hopefully you should be able to get more than the surrender value then.