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Endowment Policy details
Kombucha888
Posts: 1 Newbie
34 years ago aged 26 I bought a flat and I believe I was sold an endowment policy - via (I think) a building society - I sold the flat and paid back the money borrowed about a year later but I do not know what happened to the endowment policy? I know the address of the flat but have no other details regarding the lending for it? Is there a register of policies that can be referred to retrospectively? Is there any way I can locate information about borrowing from a central source?
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Comments
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What's the reason for asking? If you only ever paid the premiums for a year, I expect those would have been swallowed up by the set-up costs, and doubt there would be any investment value left.0
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The endowment was a long-term investment. As davidmcn says, the first year's premium would have been used to pay the set-up costs, mostly initial commisson. With some longer-term policies, the initial commission was spread over the first 2 years which would impact on the surrender value in year two.
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