Life Insurance which pays out after a term

cdenn_2

I would like life insurance for a 15 year term that pay out after the term if you haven't died. More of a savings plan not to pay any debts.

What life insurance do I need and which companies do this?

Many thanks

PeacefulWaters

You describe an endowment policy.

But these days it's more appropriate to separate life assurance and investment.

So if investing is your game, how about considering a stocks and shares ISA? Perhaps in a tracker fund?

What makes your 15 year term important?

dunstonh

The last mainstream provider of endowments pulled out in 2003.

More of a savings plan not to pay any debts.

So, a stocks and shares ISA would fit that goal.

InsideInsurance

cdenn wrote: »

I would like life insurance for a 15 year term that pay out after the term if you haven't died. More of a savings plan not to pay any debts.

What life insurance do I need and which companies do this?

What you are wanting therefore is a life insurance policy and an investment vehicle.

Traditionally certain providers blended these together to sell as a single item however you were paying significantly more than a straight life policy because of the investment aspect.

It is almost universally considered better to buy best in breed for each component separately rather than looking for an all in one which is mediocre at both as there is, in the long term, no benefit of the combined product

Murts

You have just described an Endowment policy which no provider currently offers. Have a look at an insurance policy and an investment vehicle. weather you look at stocks and shares or cash (ISA's?) will depend on the amounts and your attitude to risk at the possibility of losing this money. Why 15 years? If you main concern is not paying the insurance premiums for a policy you may never claim on then have a look at a Whole of Life policy. However these will of course cost more.

cdenn_2

Many thanks. I will sort out separate savings and I have no debts I just wanted life insurance for my sons to help with funeral costs. But after your advice I am better to plan in another way. I have a few years in me yet and don't want to pay into life insurance that doesn't pay out.

rs65

cdenn wrote: »

don't want to pay into life insurance that doesn't pay out.

Most people don't want life assurance to pay out.

I have a savings plan with a friendly society which has an element of life cover to give it a tax free status. I suspect an ISA would have performed better.