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Endowment Insurance UK
Protecting life even after death seems quite impossible, but it is not so if the security of your family members is concerned. With endowment insurance plans, one can protect the future of their family financially even after their death and also people can secure their old age by making investment in endowment insurance.
What is Endowment Insurance UK?
Endowment insurance is one of the best life insurance plans available in UK. The major endowment insurance plans in UK involve two major features that make it an excellent life insurance cover option for working class individuals. The endowment insurance has fixed policy term during which the customer has to pay a fixed amount of premium on monthly basis to the insurance company on which they get interest as per the policies of their insurance company.
The major benefit of endowment insurance UK can be seen when the customer dies uncertainly during the term of the policy, which usually remains longer than a decade. Endowment policy doesn’t lapse after untimely death of holder; instead the family of the policy holder gets the assured amount after the death of the holder. Also, when the policy completes its tenure the customer gets the lump sum amount known as maturity value only if the person has survived the policy period.
Since the endowment insurance involves an investment factor in it, the premium amount to be deposited is slightly higher in comparison to the premium of other similar level life insurance covers. However, it is advisable not to use endowment insurance as an investment tool because better investment alternatives are available in the market at cheaper premium price.
Alternatives to Endowment Insurance UK
Not everyone is capable enough of spending hefty premium amount every month for endowment insurance so there are other life insurance covers available can meet the budget of an individual. General life insurance, accident cover, pension plans, mortgage insurance plans, property insurance, etc. are some other insurance options one can watch out for.
Main Benefits of Endowment Insurance
The major benefit of endowment insurance UK is that it offers dual protection cover the customer during life and after life as well. The customer also gets tax relief on their endowment policy maturity value as it is taken as an investment in tax slab. This makes endowment insurance worthwhile than any other insurance plan available in the market.
Main Drawback of Endowment Insurance
The main drawback of endowment insurance is that its growth truly depends on the market assumptions. If you’re insurance company is not capable enough to invest your money smartly due to their small size and resources you may end up receiving less amount in comparison to what you have paid.
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.