looking for type of life insurance

presieus
presieus Posts: 5 Forumite
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in Insurance & life assurance
I moved over from Germany and there I have a life insurance which also pays out a lump-sum when i reach retirement and are still alive.
When looking at life insurances in the UK i don't find this type of product, does this exist but just has a different name?

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  • Weighty1
    Weighty1 Posts: 1,179 Forumite
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    They used to be called "endowment" policies and were quite common, however, due to poor investment returns and a whole host of issues regarding complaints they were pulled from the market a good number of years ago and no mainstream company now offers them.
  • presieus
    presieus Posts: 5 Forumite
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    ah, shame. Thanks!
  • TrickyDicky101
    TrickyDicky101 Posts: 3,512 Forumite
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    You can create something similar with a term assurance life policy and a savings plan (eg in an ISA/personal pension) - it would simply be two independent products rather than one.
  • dunstonh
    dunstonh Posts: 116,252 Forumite
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    When looking at life insurances in the UK i don't find this type of product, does this exist but just has a different name?

    As mentioned above, they were retailed in the UK but went obsolete around 1995 and the last mainstream provider pulled out in 2003.

    It wasnt about low returns as that wasnt the issue. It was a combination of over-use when inappropriate and not keeping up with the times as well as better alternatives being available.
    ah, shame. Thanks!

    Its not a shame. You just use the alternatives. A stocks and shares ISA with a decreasing term assurance does the same job at lower cost and more tax efficiently.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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