Use our range of calculators, guides, product information, and useful links all of which are designed to help with your financial planning.
The content contained within this section, including all tools, guides and product information is brought to you by Phoenix Customer Care, a Phoenix Group company.
Savings and investments guide
There are plenty of good reasons why you should be saving. We’ve put together this handy guide to help you decide what’s best for you and show you what you need to do if you want your money to grow.
Download our Savings and investments guide
Surrendering your policy
If you’re thinking of surrendering (cashing in) your policy earlier than expected, please talk to us – we’re here to help.
There are important things you’ll need to consider and there might also be better options you can take.
Questions you need to consider
Does my policy have a surrender value?
Not all policies have a surrender value and this means you may lose the money you’ve paid in if you stop the policy.
Will there be a penalty if I surrender my policy?
Some policies contain additional penalties if you surrender early.
Do I have other options instead of surrendering?
You might have other options, such as making your policy paid up, surrendering just part of your policy, or selling it on.
Early cancellations?
Usually, there are more charges on an investment policy in the early years, so if you cancel your policy early, you might not get back as much money as you were hoping – and this could be less than you’ve paid in.
To discuss your options, please call us.
Maturity
If you have an investment plan that’s about to mature, you’ve probably thought of lots of ways to spend the money. For instance, you could settle your credit card bills, pay off part of your mortgage or take a holiday. Alternatively, you might want to re-invest the money in a savings plan or a pension for the future.
If you have a policy with a life insurance element that is coming to an end, you might want to think about whether you need some separate cover so you and your family are still protected. This means that if you die, a payment will be made to your family.
If you’ve been making regular payments into your investment plan, why not keep these going and open another savings plan?
To talk through your options, please call us.
Inflation
Inflation is the rise in prices for goods and services over a period of time. For instance, if the inflation rate is 3% this month, it means you’re paying 3% more for something than you did this time last year. So, something that would have cost you £100 last year will now cost you £103.
Inflation can affect your savings, too. If your savings account has an interest rate of 0.5% and the inflation rate is 3%, your money might not be working as hard for you as it could.
Inflation is usually measured using the Retail Prices Index (RPI) or the Consumer Prices Index (CPI). The RPI measures the change in price of a ‘basket’ of around 700 household goods and services in 150 different UK areas. The CPI is similar, but doesn’t include housing costs like mortgage payments or council tax.
You can find out the current rate of inflation on the Office for National Statistics website and it’s worth shopping around to see if you can get a better deal for your savings. You can also take a look at our inflation calculator in the tools section above, to see how inflation can affect the real value of your money.