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Endowment Policies

What Are They

Endowment policies are contracts between the buyer, the policyholder, and insurance companies. The written contracts stipulate that the policyholder will pay a regular premium to the insurance company and in return they will receive a lump sum payment in the future on a specified date. The policy will pay out if the policyholder dies during the term but also if they are alive when the policy expires.

The amount that the policy pays out is dependent on specifics of the contract as well as being largely dictated by the wider market conditions.

For this reasons there have been scores of unhappy investors over the last 5 years who have seen £10,000s wiped off of their investments.

Alternatives

Endowment policies are less popular than they used to be as banks, insurance companies and other financial institutions find other ways for us to invest our money. A popular alternative for saving your money is index trailing investments and alternatives for life insurance is simple cheap term life insurance.

How to Find Low Cost Endowment Policies

These days with the internet it is actually easy to find the best value endowment policy, however with one caveat. You need to know which endowment policy you actually want to take out, of at least the type of policy. Then it is a case of shopping around on websites like this and getting some quotes. As long as you are comparing oranges with oranges you can then choose the best price and get on with the rest of your life.

6 Reasons to Buy an Endowment Policy

Any kind of expenditure at these times of financial hardship can be a scary and undeniably most of the times a gruelling task. We are bombarded by ways to make or invest money numerous times a day which just further complicates the situation.

Investment opportunities are sometimes disguised as college saving funds or even mutual funds. The best option is to turn to one of the life insurance policies to actually be safe and lay away a nest egg for a brighter and more certain future.

Most families choose endowment life insurance as a way to add some security for their future. Since an endowment policy offers incredible flexibility it is among the favourites, also this policy has a double function.

Most life insurance policies will pay a certain sum in the unfortunate event of the benefactors death, an endowment life policy can brag about the same right. Additionally the endowment policy will also pay a certain sum of money if the benefactor outlives a set time period. On top of all of this the endowment policy has the most flexible time period of all policies. Usually the choice lies between 10, 20 or 30 years, and if you diligently pay the monthly premium and outlive this set period you will be compensated.

The main deterrent when it comes to this type of policy is the amount of monthly premium that needs to paid to the insurance companies. Basically the shorter the term the higher the monthly instalment, however the benefits outweigh the disadvantages since a sum will be guaranteed in a defined time period.

Most financial advisors will advise against putting all your savings in an endowment policy and they are probably right. An endowment policy can be a great addition to other methods of saving and accumulating money. Like all other investments, a good solution would be to advise your appointed professional that deals with your monetary situation before making any decisions.

The top reasons for choosing an endowment policy that were accrued by users of the policy are as follows:

  • Double benefit (payment whether you live or die)
  • Guaranteed permanent sum of money
  • Flexible endowment time
  • Variable maturity time
  • Value builds up faster than in other policies
  • Combination of life insurance and saving fund
  • Makes a great addition to your savings portfolio
  • Gives peace of mind
  • In specific instances can be used as a business capital
  • Lowers the risks for your family and future

Alternative Resources

We hope you find the information on our website to be useful, but if you want to read more then please visit some of these websites. We always advise to take your time and research your options before spending your hard earned money.

The first link is general information on Wikipedia, plus two Government websites that give more specific information about tax and complaints. The article on complaints is important as it highlights how you should really take time to know what you are buying before you commit and sign on the dotted line.

Wikipedia Information

Government Information on Tax on Savings

Government Ombudsman Advises on Mortgage Endowment Complaints

Education Videos

Endowments are not the first thing you would probably want to look up on YouTube and we would be lying if we said we also wouldn’t prefer to see a cat yawning, however there is some good advice if you are new to these policies.

We’ve picked a couple of our favourites and as always, videos are an easy way to learn a lot of information quickly.

Here is a short American clip that will be helpful. Bear in mind that he is from the USA so will not be exactly the same as over here in the UK, but is helpful nonetheless.

This second clip runs through the difference between term life cover and an endowment policy. Similar information is available on this website for free, but watching on a video might make it a touch easier to understand.

40% Off Endowment Cover

If you don't find the best value endowment life insurance quote now, over the lifetime of the policy this will cost you £1000's. Unlike other comparison sites we only provide quotes for Endowment Insurance which means you can speak to experts as well as getting great prices. Complete our form and find out your lowest quote.