In 1992 I took out a GRE Unit linked policy to cover an extension to my mortgage. I was 37 at the time and took a 25 year policy at around £50 per month to cover a sum of £33000.
As with many I have received the "shortfall" letter which has indicated that I am likely to only receive a payout ... Read review
Advantages: Possibly still marginally better than a repayment mortgage Disadvantages: Very poor returns
In 1992 I took out a GRE Unit linked policy to cover an extension to my mortgage. I was 37 at the time and took a 25 year policy at around £50 per month to cover a sum of £33000.
As with many I have received the "shortfall" letter which has indicated that I am likely to only receive a payout of £22000 - a shortfall of one third or £11000.
Hindsight is a wonderful thing but it is now clear that GRE is one of ... more
In 1992 I took out a GRE Unit linked policy to cover an extension to my mortgage. I was 37 at the time and took a 25 year policy at around £50 per month to cover a sum of £33000.
As with many I have received the "shortfall" letter which has indicated that I am likely to only receive a payout of £22000 - a shortfall of one third or £11000.
Hindsight is a wonderful thing but it is now clear that GRE is one of the poorest payers on endowment policies in all gategories even before the projected shortfall is taken into account. I think, compared to a repayment mortgage with additional life cover over the 25 years, I will still come out ahead but compared to other companies offering endowments, the return is poor.
Advantages: None Disadvantages: Very poor return and cavalier attitude
In 1983 I signed up for a GRE Homebuilder plan which was meant to yield at least £16000 in 2008. Several years ago I received a shortfall letter indicating that the scheme would miss its target by about £5000. To add insult to injury I was advised to increase my monthly payments by at least five times the original premium.
I made a complaint in writing in which I compared the Homebuilder plan with an endowment plan from another company which was ... ...for complaint or compensation.
Needless to say not wanting to throw good money after bad I did not take their advice but opted to make extra payments on my mortgage instead.
I cannot recommend GRE to anyone because of their poor returns and cavalier attitude.
I understand that one complaint only is allowed and I have had my chance of compensation apparently. With hindsight I should have sought professional advice before proceeding with my complaint. ...
cat5weaver 06.10.2005
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