with proffits life insurance

markbsac

is there any life insurance out there where after so long you get a payback as like with an endowment policy ?

mark :money:

Annisele

I don't know, but if there is it's likely to be very poor value. It used to be a good idea to mix life assurance and investment (for tax reasons, back in the day there were some shiny tax breaks) but that's not the case any more.

ACG

Theres probabl not much point.

For £10 a month, most people can get about £100k life cover (depending on age etc) its very cheap.

You could just put any extra money in a Stocks and shares ISA?

Just a thought anyway.

kingstreet

Savings products for saving and protection products for protection.

Mixing the two together gave rise to confusion and gave the industry the chance to levy charges which were a bit on the high side.

Combine cheap life cover and a low-charging ISA for the best approach to your need.

dunstonh

is there any life insurance out there where after so long you get a payback as like with an endowment policy ?

Thankfully not. The reason they dont exist anymore is that they are not tax efficient and combining two unrelated prodcuts into one is an expensive compromise (a decreasing term assurance with a stocks and shares ISA is cheaper and more tax efficient)

As ACG says, £10 can get you over £100k (subject to age). To get the same amount on endowment would cost you more than 10 times that. Many people who bought endowments left their family short on life assurance cover all because they focused on getting money back on maturity.

caveat: there are a couple of savings plans with life assurance on them still but there are either dire (friendly society plans for example) or aimed at higher rate taxpayers.