There are various penalties for early encashment of regular premium savings policies, and both with-profit and unit-linked policies frequently have no surrender value at all in the first year. 

Any encashment before maturity can lead to a much lower return because:

• Most offices’ endowment surrender values incorporate a penalty element reflecting the costing of the premium on the basis that the contract will run its full term and that, if it is cashed in early, they will not be able to recoup the expense loadings from the unpaid premiums
• As an alternative to surrender, it may be possible to sell a policy on the open market and this will often produce a greater sum than the surrender value for the policyholder.
• A final bonus may only be payable on maturity or death and may not be applied on earlier encashment.