Endowment extending into Retirement
in Mortgages & endowments
3 replies 1.2K views
My partner and I were sold an endowment policy 8 years ago - it was supposed to give us £110,000 in 25 years time (to cover the mortgage). I have had the red letter stating that the policy is under performing etc. My partner is 11 years older than me and she will expect to retire at 60 (in 10 years time). The endowment will therefore extend about 7 years into her retirement (but not mine). I earn about 2/3 of our joint salary. When we took the policy out I really do not remember anyone advising us that this was a bad idea (i.e extening into my partner's retirement). I realise that the alarm bells should really have started ringing at the time but they didn't. I have read a few articles/posts etc about this issue but have not come across the situation when the policy only extends into ONE of the couple's expected retirement like in our case. Does anyone think we have any cause for complant at all with the seller of the policy? Thanks.
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