Pay off the principal
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Endowment insurance policies are supposed to pay off the principal sum in an endowment mortgage. The policyholder then needs to only pay monthly premiums. Endowment policies where issued in the 70’s and 80’s and initially were able to pay off the mortgage loan completely.
But for or various reasons, much of the endowment selling these days ends up not being able to cover the mortgage amount coming due. Part of the problem is that in too many cases, policyholders have surrendering them to the issuing insurance companies for ridiculously low prices.
The UK government has stepped in with legislation that protects consumers and also inform them that they can sell their insurance policy through an endowments policy selling service and end up receiving up to 35 per cent more for their policy.
Endowment insurance policies are supposed to pay off the principal sum in an endowment mortgage. The policyholder then needs to only pay monthly premiums. Endowment policies where issued in the 70’s and 80’s and initially were able to pay off the mortgage loan completely.
But for or various reasons, much of the endowment selling these days ends up not being able to cover the mortgage amount coming due. Part of the problem is that in too many cases, policyholders have surrendering them to the issuing insurance companies for ridiculously low prices.
The UK government has stepped in with legislation that protects consumers and also inform them that they can sell their insurance policy through an endowments policy selling service and end up receiving up to 35 per cent more for their policy.
posted by Chris at 3:10 AM
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