I want a new joint life insurance policy as we’re moving home, but instead of the usual life and critical illness (the latter part of which I’m told rarely pays out anyway), I’d like a life insurance policy that will pay me on maturity, i.e. at the end of the term. My inlaws are forever getting sums of money for insurance policies they took out years ago, but I can’t find out where to get one. I need at least £100,000 of life insurance for at least 20 years as it has to cover my mortgage if one of us dies. Am I looking for an endowment policy ? How do I get one without finding a financial advisor?
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Yes you would be looking for an endowment policy if you want a bonus at the end. However, be warned they are expensive and do not pay back as much as you think or are promised, hence all the problems over mis-selling of such policies. Also, they do not cover critical illness generally only life and injury. You would be better off with a basic life and critical illness policy coupled with a savings account for long term regular savings – one that you have to pay into for a set period of time. Most banks offer these savings plans and are willing to pay extra interest if you take out a current account with them too.
Ask your in-laws.
you require an endowment policy ……..any good insurance company can provide one :::!!!
Start with the guy selling you your home insurance.
Yes, it’s an endowment policy.
Just for kicks, get the quote on the endowment policy along with the amount of endowment, THEN get a quote on straight term insurance. Use this calculator: http://www.msfinancialsavvy.com/calculators/monthly_deposit_savings_calculator.php and pretend you’re buying the term insurance, and put HALF the difference into a savings account or mutual fund. Use a VERY modest 5% interest, keeping in mind that 10% is a VERY conservative investment result in mutual funds.
And then compare the endowment, to the final savings value, after 20 years, of half the difference.
For yucks, put in the ENTIRE difference. And look what the insurance company is making off of you (total difference – endowment amount = profit off of YOU.)