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Endowment Life Insurance

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Endowment Life Insurance

If you are looking for a product that will ensure assistance in case one passes on, an endowment life may be the right choice for you. It is a basic policy that offers security to those that have them. It provides assurance that the person insured and his family will be well-taken cared of 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.

A life insurance contract aimed to pay a lump sum after a specified term or on its maturity or on death, endowment life insurance typical matures after ten, fifteen or twenty years up to a certain age limit. It guarantees a sum of money that the client or the beneficiaries will get at the end of the predetermined contract period, whether he/she lives until the policy matures or dies sooner. There are some policies, however, that also pay out in the case of critical illness.

Endowments can also be surrendered early. The holder then receives the surrender value which is based on how long the policy has been running and how much has been paid in to it.

Endowment policy is the appropriate choice for those who are looking for support in case someone will pass on, if they want to remain financially independent. It should be considered by every family, because the endowment provides the safety that there will be the possibility to pay for life’s necessities after the person insured will no longer be able to provide care.

Benefits of Endowment Life Insurance

The main benefit of an endowment policy is financial independence, of feeling relaxed and safe that even if you will not be around, your family will be able to go on without collapsing financially.

Endowment life insurance also has the benefit of offering a savings element that will allow the cash value of your benefit to grow in time.

Drawbacks of Endowment Life Insurance

One of the major drawbacks of this type of life insurance policy is that its premiums are way beyond and higher than for any whole insurance policy while the coverage amount is almost much the same. Its annual premiums are far more expensive than whole life or term life insurance.

Endowment Life Insurance Reviews

Endowment Life Insurance is offered by a range of top UK life insurance underwriters. Companies such as Aviva, Axa, Bright Grey, Tesco, Asda, Legal and General, Fortis (Ageas) and Scottish Provident offer comprehensive endowment life assurance policies. They often have excellent reviews, which are available to read online on websites such as ReviewCentre.

Alternatives to Endowment Life Insurance

In recent years, there are quite a number of flexible, low-cost personal superannuation products that is becoming popular alternative to endowment policies. Other investments, like stocks and bonds can also be a life saving alternative. Another alternative to endowment insurance is to combine prepaying your funeral expenses with one of the other methods. This way you know if you die suddenly, at least your family will not have to struggle to pay for the funeral costs.

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.