We have been paying into a with profits life policy for the last 26 years. We now want to sell. Is this advisable?
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We feel at our ages (70) and the long livity of people today, we will be making no profit when it matures (when one of us dies)
What do you think?
Answers (1)
Hi,
You should ask your life company for a surrender value and also what the outcome will be if you simply make the policy 'paid up'. In the former case, you'd get some cash back - possibly not much as in the early years there will be penalties and there is like to be a market value reduction (MVR) in place at the moment as the stockmarkets are so volatile - while in the second place you won't pay anything more into the plan and will need to wait until maturity to get your cash, but it will at least be penalty and MVR free.
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PS: How much longer does the policy have to run? Also, do you want to enjoy some money now or have a larger pot later (and if the worst happens, one that your children can inherit)?