Endowments are they still out there?

lee12_2

I have always had endowment insurance policy's, a ten year one and until just recently a twenty year one. I have always liked the idea of them instead of life insurance as you can look forward to something at the end of its term,the last one was enough to replace our 30 year old boiler.
But my question is can you still get them? I've been looking and to no a vale, if I can't find one I will have to get a normal life policy but thats not really what I want.
Lets face it in the good old days you had a local insurance sales person who called round to collect the monthly payments and you could always ask them, but who have we got now!
So if anyone has any info I would be interested to read it thank you.

dunstonh

But my question is can you still get them?

only a handful left.

ets face it in the good old days you had a local insurance sales person who called round to collect the monthly payments and you could always ask them,

Another way of viewing that is that back then you had sales agents who didnt know what they were selling, were paid lots of commission for doing it and flogged products that were expensive and poor value and carried on doing this well past their sell by dates.

who have we got now!

Proper advisers.

Endowments are obsolete. There is no reason to have one any more. If you have a life assurance need with investments then you arrange a decreasing term assurance in conjunction with a stocks and shares ISA. Far more tax efficient and cheaper. If you dont have a life assurance need in conjunction with the investment then you just stick with the stocks and shares ISA without wasting money on life assurance. ISAs are also more tax efficient than life funds. If you have fully utilised your ISA allowance then unwrapped unit trusts are more tax efficient for basic rate or non-rate taxpayers (higher rate can use low/no yield unit trusts to avoid/reduce extra income tax).

lee12_2

I understand what your saying but I do have a cash ISA but as soon as a little goes in , it comes out for one reason or another, we don't really have enough coming in to save. And the endowments where only £2 per week.Also I'm not a tax payer anyway so that side of is does not affect me. I just wanted something to tide me over for another twenty years , my husband has a 42 year policy that has another 13 years to run , but I thought it might be a good idea to do something myself but thinking of what has been the sticking point thats why I thought of another endowment,

dunstonh

And the endowments where only £2 per week.

Not since about 1990 were they.

I'm not a tax payer anyway so that side of is does not affect me.

Yes it does. It means that an endowment would be very inefficient as life funds pay corporation tax within them up to 20%. Unit trusts dont have that taxation

we don't really have enough coming in to save.

If you have no short term pot then its really a bad idea to start putting money into a long term pot.

lee12_2

Oh well I think I'll get the odd Premium bond, it was just a thought thanks anyway

SandC

I know what you mean - I still have two ongoing and for me it's beneficial because I forget about it and can't access it without cashing in all or part.

I am the same with my ISA, though I have been very good and not touched it over the past year.

dunstonh

Monthly contribution investments still exist. Just not endowments. Unit trusts can start at £20pm. They can be held inside an ISA as well.