Endowment Policy


L

Legs Larry

I have just noticed that my endowment policy matures a full year before my
mortgage is to be paid.
As far as I know both the Insurance Co and my Building society are not aware
of this.

What are my options?
Are the insurance company likely to pay me out?

Any comments gratefully received.
 
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R

Ronald Raygun

Legs said:
I have just noticed that my endowment policy matures a full year before my
mortgage is to be paid.
Since it will presumably underperform anyway, leaving you a shortfall,
does it really matter? Just pay the maturity proceeds off the loan
account, reducing the balance to (hopefully) a pittance, and keep the
monthly loan payments the same, or increase them if you can, and the
loan will be paid off before you can say *&VD*&^SDV$&^^V)S(D*FD.

The insurance will stop when the policy matures, so if you think
you need life insurance to cover your dependants for the remaining
balance until it's paid off, buy some.

Alternatively, if you have enough put by, consider paying off the
whole loan when the endowment matures.
 

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