Endowment or with Profits Policies - help please?

pollyhelen

Hello

Ever since I was young my father has been telling me I ought to put £10 or so aside each month into an endowment policy which would "mature" in 40 (or so) years and give me a lump sum. He quotes putting small amounts in for a big return.

I have been doing some googling trying to find out if it is something that is still available but no joy. I dont mean life insurance or critical illness cover, and I dont mean something that is linked to a mortgage - although there may be policies similar to endowment mortgages but without the mortgage bit iyswim.

Can anyone help me out?

Thanks in advance!

dunstonh

Ever since I was young my father has been telling me I ought to put £10 or so aside each month into an endowment policy which would "mature" in 40 (or so) years and give me a lump sum. He quotes putting small amounts in for a big return.

That used to be the way to do things up to around the mid 90s. The idea is still correct but nowadays the product has changed along with the amount.

Even by the time endowments were coming to the end of their life in the 90s the minimum premiums had gone to around £25. Some even £50.

Nowadays, people use stocks and shares ISAs and most have a minimum of £50pm although a small number will go as low as £20.