Endowment Advice

boggie40

Just taking on a £119,000 repayment mortgage - is it worth taking on a endowment policy or would i be better advised to take out cash ISA's instead ??

I am looking at providing something for my wife and children in the future. I have a very good pension due to come to fruition in 19 years with a lump sum of £62k, my wife at mo has no pension provision except my death in service provision and obviously a 40% of the value of my pension should i die b4 i am 60.
I dont want to leave my wife with a hefty sum still owing should something happen to me, and i obviously would like to know i have provided ready cash for her and my children in years to come.
I have a life insurance policy with L&G for approx £28k so would appreciate any advice.....

opinions4u

If you're worried about saddling her with debt should you not make it to the end of the mortgage term, you should probably look at decreasing term assurance.

If you're worried about not being able to meet the mortgage payments when ill, consider PHI cover and/or critical illness cover.

If you're actually saving for something specific, then some sort of savings plan would suffice. But your risk profile needs to be properly assessed.

I'd suggest you see a reputable IFA. You have lots of potential protection needs and have indicated a willingness to save too.