Endownment Problems
Endownment Probelms
Are you worried about a possible endowment shortfall?
If you have an endowment policy in force you may wish to discuss its prospects for meeting the 'target' sum.
It is an unfortunate fact that many policies are extremely unlikely to provide a maturity value sufficient to repay the mortgage for which it was taken out. But not all policies are the same. Do you have a traditional 'with profits' policy (usually at least 10 years old), a unit-linked policy (most often sold by the banks) or a unitised 'with profits' policy ? The prospects for your endowment's future could still be reasonable or they might be dire.
What are my options?
If you are worried that the policy might fall seriously short of target you need to consider all the options open to you. The options could include, possibly:
- Switching part or all of the mortgage to capital & interest
- Surrendering the endowment (or possibly selling it to a third-party for more than the insurer's surrender value)
- Topping up savings to meet the anticipated shortfall
Whats the best course of action?
The best course of action will involve consideration of a number of factors including the loss of any life cover (and/or any embedded Critical Illness Cover) if you decide to surrender or sell the policy.
You would certainly be wise to take advice from us before making any decision. Incidentally, we have access to on-line systems that allow us to quickly find you the best possible price for your endowment policy should you decide to sell it.
Contact Protect and Save:
Should you wish to contact us here at Protect and Save regarding any of the endownment options you have sene here or if you would like to have a more indepth discussion about your options then please dont hesitate to contact us using the details located to your left.Please call us on 0845 683 5054
Alternatively you can contact us via email using the contact form located on our contact page.