Cashing in an endowment policy?

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Topic started by Steve In Brighton (2xist)

photoSane, sorted and switched-on guy, enjoying life in Brighton. I run my own small business, perform as a stand-up comic and sing with a gay choir. I live with my partner (who I met on Out many moons ago) and our dog. I'm as likely to be tending the garden as pounding a dance floor, or to be in a suit as in my leathers. Aren't contradictions wonderful?

A topic from Work & Money: Savings and Investments

2xistTue 06/11/07 12:00

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I saw my financial advisor last night for a run-through my finances and he unofficially recommended that I cash in my endowment policy and invest the money elsewhere - I say 'unofficially' because he said he's not supposed to advise on ending such a policy.

Just wondering whether other people have ended endowment policies, and if it does make financial sense? I've had it for the best part of 10 years, paying in £100 per month, originally taking it out to pay off the mortgage on a flat I own (but no longer live in) that I'm planning to sell within the next 12 months, for a price that will more than cover that original mortgage.

Any advice/experience welcome!

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