We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Endowment - should I up my pyts??
argiebargie_2
Posts: 3 Newbie
Hello all - I started an endowment policy (managed fund with Countrywide) in 1999 when I bought my first home. My payments were about £95 pcm to cover the mortgage (about £100k, I think).
Since then, I have bought a new place and the mortgage is a completely different product. I was advised by someone to keep the endowment running as an investment vehicle, as it also comes with Critical Illness & Life Cover. I was OK with this but felt I needed to reduce the payments - so now I pay about £40 pcm and I'm covered to the tune of about £50k.
I'm now self-employed, about to start a family, and thinking about life & illness cover, as well as savings etc.
It it a good idea to step up the payments on my endowment again, since it will give me the life & illness cover, as well as offering me a payout on my 50th birthday... or should I keep things as they are and look elsewhere for cover? My understanding is that if I surrendered the endowment policy now, I wouldn't get as much out of it.
Many thanks for your comments, Argie
Since then, I have bought a new place and the mortgage is a completely different product. I was advised by someone to keep the endowment running as an investment vehicle, as it also comes with Critical Illness & Life Cover. I was OK with this but felt I needed to reduce the payments - so now I pay about £40 pcm and I'm covered to the tune of about £50k.
I'm now self-employed, about to start a family, and thinking about life & illness cover, as well as savings etc.
It it a good idea to step up the payments on my endowment again, since it will give me the life & illness cover, as well as offering me a payout on my 50th birthday... or should I keep things as they are and look elsewhere for cover? My understanding is that if I surrendered the endowment policy now, I wouldn't get as much out of it.
Many thanks for your comments, Argie
0
Comments
-
hmm..... anyone there?0
-
AFAIK having made an endowment "paid up" you cannot restart it.Life cover is anyway cheaper now with other products. I would look elsewhere.Trying to keep it simple...
0 -
Some providers will allow it to be recommenced with a declaration of health and the back payments made up. However, it is highly unlikely to be the best option.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards