endowment policy type life insurance

hmm07

We'd like to take out a life insurance policy incase something happed to one of us. Ideally we'd like to get an endowment policy but Ibelieve we cannot take out a new policy now. doesn't exist?
The only policy I could find and afford is the life insurance policy without any cash value. Is there anything out there with cash value (regular income or mature after certain term and gets a pay out?

dunstonh

Ideally we'd like to get an endowment policy but Ibelieve we cannot take out a new policy now. doesn't exist?

Why do you want an endowment?

They vanished as they are expensive and obsolete. Although one major insurer has recently brought one back, Although its mainly for the benefit of higher rate taxpayers.

The only policy I could find and afford is the life insurance policy without any cash value.

Which is the best type.

Is there anything out there with cash value (regular income or mature after certain term and gets a pay out?

if you cant only afford a level term assurance or family income benefit then how do you expect to be able to afford an endowment policy for the same level of cover costing around 10 times more in premium?

Annisele

It's usually a bad idea to mix up savings and life cover. (There used to be very nice tax benefits to doing so, but no longer). For most people, it's better to just take out the life cover they need, and then save/invest the rest of the money that they would have spent on an endowment premium.

If you were after an endowment policy, then I assume you only have a life cover need for a fixed term. In that case, you probably want either level term assurance, decreasing term assurance, or family income benefit. If you don't want cover over a fixed term, you might want to consider a whole of life policy - they do usually build up a surrender value (depending on the type of policy) but they're not designed for savings.

If you don't know what you want/need, go find yourself a financial adviser.