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How Much does an Endowment Policy to protect £300,000 cost?
The endowment policy for £300,000 is one of the biggest policy of this kind, in terms of monthly payments and coverage. For this type of coverage, you might expect to pay about 100£ per month for the protection component of the insurance and the sum that you need to pay for the investment component varies on your expectations and financial possibilities.
The advantage of the endowment policy is the fact that you can renounce it after a while, and you will receive the money that you are entitled to, meaning the sums that you have already paid for the investment component, and the interests accumulated during the respective period.
However, the insurance company would probably keep a part of the money as a commission for the services that you have benefited of.
The endowment policy for 300 000£ is designed for people with serious financial possibilities, as besides the fact that the rates are pretty high, the coverage is sufficient enough to cover the expenses of a wealthy family. In case the owner of the policy dies, his family will benefit of 300 000£, which is enough for them to pay potential loans, mortgages, and also to maintain the same level of life for a long period.
The terms of the contract can be changed anytime. For example, you might need coverage for a larger sum, or for a smaller one. In this case, you must contact the insurance company to speak about the steps that must be followed. Usually, we are only talking about signing an additional clause to the contract.
The endowment policy does not have guaranteed incomes. Before 2008, some of those policies brought even 50% profits per year for owners, but during the financial recession, some of those funds were severely affected, so their value was lowered even with 40%. It is unlikely for this to happen again, but you should always consider the possibility to lose some money once in a while.
For the beginning of the contract (2 or 3 years), you will not receive anything if you decide to cease the contract.
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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.