Life insurance/savings

gammino

I was wondering if anyone knew of any life insurance plans that you can cash in as savings if you dont pass away with in the time you have had it for. My mother had some sort of indownment policy years ago which paid out at the end of a certain amount of years. The cash was then given to me and my sister to pay towards our first cars. It was £1000 and she had been paying in to it for 10 years at a small amount each month. I would love to do this for my children but dont know if they still exist??

dunstonh

I was wondering if anyone knew of any life insurance plans that you can cash in as savings if you dont pass away with in the time you have had it for.

Yes. They are called endowment policies.

I would love to do this for my children but dont know if they still exist??

There are only a couple of endowment policies still available for new business nowadays. There is no reason for endowments to exist nowadays. They are not tax efficient, they are not cheap and there is no reason to directly combine life assurance and investments when you can do better by having two standalone plans (i.e. a decreasing term asssurance and a stocks and shares ISA) if you do have an investment need that also requires life assurance.

gammino

Ok, thanks for the advice.