Rather chaffed as the policy returned according to the compound interest calculator 5.5% over 25 years. That isn't bad considering what is on offer these days.
Back in the 1990s whilst still in the UK we bought a property and had an endowment policy which was a policy to cover the mortgage/bond when the period expired. This policy was kept after we had bought and sold a couple of properties as the thinking is if you are already in for a number of years you may as well keep it.
I have been putting this part of for a while as to be honest I firstly didn't know how much was due to all the negative press surrounding endowment policies in the last 10 years. Many home owners realised these policies would not cover the mortgage like they were supposed to and eventually had to pay in.
Many complained that they received only a fraction of the amount promised so in my head I was expecting a low ball number today and it turned out better than expected. 91.5% of what the figure should have been is a right old result and couldn't be happier.
I remember at the time telling the company I was not cashing in the endowment and would keep paying until it was due. Not a common practice apparently as most take out new ones when they buy and sell their property. An endowment policy is worthless for the first 3 years and why most probably never hang onto them. The earlier the policy in age obviously the less it is worth and investors will actually buy them. I just think if you have already paid of 30 or 40% then it is worth while holding on and waiting like an investment. Whatever happens there will be a windfall coming and you are already well on the way to paying it off.
This is not something I would do again even if I was much younger as a policy paying on monthly over 25 years would be way less than investing and compounding on your own. the one thing we have all learned over the last few years is the magic of compounding as longa as you give it the time to grow. I know hands down I could have doubled or tripled this payout with the knowledge I have now which is kind of scary.
You live and learn all the time and only proves how much we have all grown with the knowledge we have accumulated over a short period of time by being active in crypto. Crypto is not all about price action but the other bits of information you pick up along the way.
This should take around 3 weeks to process now and perfect timing for when the recession starts to bite. With property expected to take a knock there could be some bargains to be had and will keep my eyes wide open.