Endowment Obstacle

lynn.dutton

My mortgage is currently supported by two endowmwnt policies that were taken out back in the early nineties when I was married to my first husband.

To cut a long story short, I got divorced, had my ex husbands name taken off the policies so they are now in my sole name. Both endowment companies have written to me regarding the potential shortfall in the policy yield but will not let me increase my premiums as, having my ex husbands name removed is classed as one policy change and apparantly only one change is allowed in the life of a policy.

Is there anything I can do?

robnye

i have 3 underperforming endowment policies...... I would not pay extra into them ..... would be a little like throwing good money after bad ....

I have changed my mortgage to part repayment/part endowment and every time i take out a new deal i increase the repayment part.

if remortgaging is not an option.....
look at paying extra money into a savings account of some sort....

EdInvestor

Hello Lynn,

I agree with Robnye, usually it's a better idea to overpay the mortgage than put more money into the endowment.

Post some info on it if you like and we can see if it's worth keeping them on.

Which company?
Guaranteed sum assured
Declared bonuses
Surrender value
Monthly premium
Maturity date

robnye

Editor wrote:

I agree with Robynusually it's a better idea to overpay the mortgage than put more money into the endowment.

my userid name is robnye.......

EdInvestor

Oh dear, sorry

Reminds me of a Aussie (male) friend of mine called Deane. The final "e" is unusual and makes people think he's a female, Deanne.

He gets steamed up too.;)