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Old Mutual Endowment Life Insurance
Endowment policies are habitually marketed to help you attain your financial goals. Such goals include paying your children`s school fees or to build up savings over s fixed policy term. Unlike savings deposits, the guaranteed cash values you get back may be less than the sum of the premiums paid. This is so for part of the premiums pay for insurance protection while the rest is invested and is subject to investment risk.
Endowment policies mature after a fixed period of time for instance, 10, 15 or 20 years. The insurance protection provide by endowment policies is usually small. This calls for you to make sure your insurance protection needs are sufficiently covered by the policy if this is important to you.
You might as well consider another insurance product. On the other hand, if you are buying an endowment policy to help you invest or save but already have sufficient coverage from other insurance products, do consider carefully whether to proceed as you may be paying for something that you otherwise do not need. Remember to always wisely compare the product`s feature returns and risks with other investment products.
Endowment policies are available in different forms such as participating (“par”), non-participating (“non par”) and investment linked insurance policies (“ILPs”). Non par endowment policies: they only pay the sum assured upon the death of the insured (or if provided, the insured becomes totally and permanently disabled during the policy term) or at maturity. Non par endowment policies build up some cash value which may be paid if the policy is surrendered early.
Par endowment policies: par endowment policies pay bonuses, building up cash values. Upon the insured`s death, par policies normally pay the sum assured plus any bonuses accumulated to that particular date as death benefit.
The LLP: pay-out upon death of the insured may be higher of sum assured or the value of the LLP units at the time. Or some combination of sum assured plus value of LLP units.
Having all the above in mind, you should however regularly monitor how your endowment policy performs, especially when you near the time you need the money. For instance, when the time to pay for your children`s education comes. If need be you might as well have to save more or consider other investments. You can as well take steps to preserve what you have accumulated over time.
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