Phoenix unlocks cash from small whole of life policies

These policies must be worth a payout value of below £2,000 and investors must no longer be paying into them in order to withdraw the cash, the group said. Phoenix said it will write to 2,500 policyholders who hold qualifying policies over the coming weeks to inform them of the offer. The group said payouts, which as non-profit arrangements will not grow, may be eroded by inflation over time. Mike Merrick, chief executive of Phoenix Life said: "We recognise many customers will have taken out these policies to cover funeral expenses but with the impact of inflation, the real value o...