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life insurance endowment policy

(6 Posts)
mama2g Sat 21-May-16 12:52:06

I have been trying to find somewhere that does endowment policies but nowhere seems to do them, can anyone recommend anywhere ?

Sunseed Sat 21-May-16 13:02:14

They have massively fallen out of favour since mis-selling issues and providers have pulled out of offering them. What is it that you wanted one for? As they are basically an investment backed up with life insurance you can achieve a similar effect with two separate standalone plans.

mama2g Sat 21-May-16 13:30:40

Honestly I'm thinking a payout that could help with a mortgage deposit, also I am only 22 but have 2 children and all the other life insurance policies only go to an age I'm hopefully likely to outlive. So basically I want something behind me incase anything ever does happen in the next 10 years and also the payout

Sunseed Sat 21-May-16 14:07:26

An endowment plan would only be for a specific term of years. Part of the monthly premium would provide a guaranteed level of life cover and the rest would be invested for growth. Sounds like you want a similar investment plan that in, say, 10 years you can then use for a deposit (Equity based ISA maybe), but also life cover alongside so that the target lump sum will definitely be paid out. Or are you wanting life cover term to be longer? You can take out a whole of life policy if that's appropriate for your needs. PM me if you want to - I am a qualified financial adviser but would need more details than you might want to share on here in order to give you a proper steer.

IceMaiden73 Sat 21-May-16 22:46:35

Why not use isa's and get s life insurance policy too?

scaryteacher Sun 22-May-16 18:04:07

You can get term assurance, either level term or decreasing term to cover the mortgage, and then save money elsewhere. Far cheaper. Whole of life costs, and when you get to 45, they hike the premiums like there is no tomorrow.

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