Endowment Life Insurance without morgage?

catweazle_2

Hi,

My question is very simple - does anyone sell Endowment Life Insurance which is not linked to morgages anymore? I took one out a 15yr one in my 20's with CIS in the 1980's and used the lump sum in their Platinum Bond - but now they tell me they do not sell endowment life insurance anymore.

The agent tried to get me interested in a life time death/accident cover insurance - but being on a fixed income the £25 per month is quite a sum. Also, despite getting 25K if I have an accident or diagnosed with illness - as I have no morgage and no dependants, is it really an advantage to have what amounts to medical insurance for £25 a month?
Thanks

dunstonh

does anyone sell Endowment Life Insurance which is not linked to morgages anymore?

A small number do but thankfully most have pulled out.

I took one out a 15yr one in my 20's with CIS in the 1980's and used the lump sum in their Platinum Bond - but now they tell me they do not sell endowment life insurance anymore.

Correct. They wouldnt be able to justify it.

The agent tried to get me interested in a life time death/accident cover insurance - but being on a fixed income the £25 per month is quite a sum. Also, despite getting 25K if I have an accident or diagnosed with illness - as I have no morgage and no dependants, is it really an advantage to have what amounts to medical insurance for £25 a month?

If no-one if financially worse off in the event of your death, a sale of life cover would be a mis-sale waiting to happen. However, CIS arent exactly known for quality advice so that doesnt surprise me. I have seen a lot of mis-sales from them over the years.

Income protection can make sense if your income is based on your health. If its not, then its also not needed.

If its regular investing then a regular contribution ISA is the first call with either a cash ISA or a stocks and shares ISA being the choice available to you. Neither of which are going to be available from the CIS due to the small size you want to pay each month.