Policies
For more information regarding Endowment Policies I have added some further resources here.
my house was reposessed will an endowment policy stilll be active?
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yes as long as you kept paying the premiums.
No – it will have ceased on the day your house was repossessed
yes so long as you keep up the payments , its taken out on you not the house
If you kept up with the premiums then yes.
It depends. If your policy was assigned to the mortgage, then the building society may have cashed it in. If it wasn’t assigned, and you kept the policy and it is in your name and you keep up the premium payments, then yes it will be active until the maturity date. Not all endowment policies are for mortgages – you can have them as a form of life insurance and savings.
I think if you are still paying the endowment you should still be able to claim it back when it’s term is finished.
Any life insurance you take is for your protection. Is between you and your beneficiary to decide what to do with the proceeds. It seems in this case that your purpose was to pay off the mortgage in the event of your death;
now that this situation doesn’t exist and if you keep paying the premium you have to change the purpose: kids education, family survival for a number of years etc.
yes, just remember to keep up the repayments. However, if the lender wishes to reclaim their money back, this will be classed as one of your assets.
I think if you are still paying the endowment you should still be able to claim it back when it’s term is finished.