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Missed endownment payments - help needed

trudie15
trudie15 Posts: 95 Forumite
in Mortgages & endowments
Hi,

My father has missed some payments (possible 2 years worth) into his endownment policy with Sun Life. I don't understand endownments at all!! Does anyone know if he contacts them will he be able to restart his payment??

Any help really appreciated.

Thanks

Comments

  • JoeK_3
    JoeK_3 Posts: 1,374 Forumite
    trudie15 wrote: »
    Hi,

    My father has missed some payments (possible 2 years worth) into his endownment policy with Sun Life. I don't understand endownments at all!! Does anyone know if he contacts them will he be able to restart his payment??

    Any help really appreciated.

    Thanks

    The policy has more than likely been made paid up. This means that the policy has acrued a value and this value is sat there and will contimue to receive either bonuses (with profits) or stock market gains (unit linked).

    Contact the insurance company and ask them if the policy can continue if the arrears are paid.

    JoeK
    I am an Independent Financial Adviser.
    Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
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