Why - when I request the surrender value of my (with profits) endowment policies (Phoenix) is it considerably lower than the current accrued value (with bonuses) ?

I have had these policies for 20 years (costing me £70 per month) and now they are effectively a "money pit" - ie Value frozen (even with the "massive" £20 per annum bonuses) - I am considering disposing of them

You will pay a lot to cancel your policy, and get ripped off if you sell at such a late date. We are the same we have just done one under the misselling scheme and have another 4 to do.

Best hang on to them if their getting close to maturing. Don't forget they also hold full life insurance.

Hi, we are in the same situation with Phoenix. Our policy is also about 20 years old and have recently thought about selling. However, I've just (today actally) read a small piece in the money section of a national daily paper. It states that most endowments are actually doing better than other investments and that surprisingly some of the better payouts are from 'zombie' companies-which as you probably know includes Phoenix. It may be worth contacting Phoenix and asking how much you could expect if you kept it going to the full term rather than asking for the surrender value. I'm certainly going to. Also, if you do decide to dispose of them-check to see if you could get more by selling. There are lots of companies who specialise in buying with-profit endowments.