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An endowment policy is the appropriate choice for those that are looking for a product that will provide them with the help that is needed when someone dies. These are basic insurance policies that provide security to those who are left behind. It provide assurance that family will still be able to afford the necessities of life once the individual that is covered by the policy is no longer able to provide the care and well being to his or her family. This type of policy is necessary and it is essential for all families to consider.
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Endowment policies are modifications of whole life. Similar to whole life insurance, part of the premium goes to build up a cash value fund. However, an endowment policy generally has a higher premium than a whole life policy for the same amount of insurance because more of the premium is devoted to building cash value. The endowment is designed to terminate and pay out the cash amount at a designated time, such as after a prescribed number of years or at a specific age limit. Endowment life cover combines the benefits of life insurance with an investment style savings plan. In other words, Endowment policies are savings plans that involve investment in a portfolio which hopefully increases in value over the life of the policy, beyond the combined value of the premiums paid in.
Alternatives to Endowment Life Policy are the most common types of insurance: the whole of life and term insurance.
Benefits of an Endowment Policy
Endowment insurance policy owner enjoys both the benefits of a saving scheme and the peace of mind offered by a life insurance policy. In addition, when you buy an endowment life insurance policy you can choose a with profits policy plan which gives you bonus payments which vary each year based on the profits of the company. If you don’t choose a with profits policy you will not receive any bonus payments only the sum insured.
Drawbacks of an Endowment Policy
The main disadvantage of this type of plan is that it ordinarily you will pay higher premiums than that of other life insurance policies. You can purchase a low cost endowment policy but although the premium is lower, the cash value generally deteriorates throughout the period of the plan.Moreover, endowment life insurance policies should not be used as a way of saving money as there are normally much better alternatives available.
40% Off Endowment Cover
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.