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Endowment Policy with no life cover
mumof3boys
Posts: 22 Forumite
Hi all
I am trying to help my Father in law with his finances.
He has an endowment policy which was linked to his mortgage but as it was underperforming he now has a repayment mortgage. He has kept making the payments on it as well.
He claims the endowment policy doesn't have life cover ?
Can this be the case ? I thought they all had life cover.
Any advice would be appreciated.
Thanx
I am trying to help my Father in law with his finances.
He has an endowment policy which was linked to his mortgage but as it was underperforming he now has a repayment mortgage. He has kept making the payments on it as well.
He claims the endowment policy doesn't have life cover ?
Can this be the case ? I thought they all had life cover.
Any advice would be appreciated.
Thanx
0
Comments
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He claims the endowment policy doesn't have life cover ?
Can this be the case ?
No. To be an endowment it has to be a life policy and invested in life funds.
He could have a different investment vehicle (like an ISA) but it wouldnt be called an endowment.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 -
If he has an endowment, and has maintained monthly premiums, then he will have life cover.0
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Thank you I thought that was the case.
Unfortunately he is now terminally ill so the life cover part is important to him.
Many thanks0
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