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Replacement Life Insurance |
Endowments have built in life insurance, which is lost when the policyholder sells their endowment policy. Since most endowments were taken out to cover a mortgage, the incorporated life insurance was usually intended to pay off the mortgage debt if the Endowment Policyholder(s) died during the term.
In most cases, the lost life insurance can be replaced by mortgage protection insurance. Alternatively, if the endowment policy was a free-standing investment, or the associated mortgage is long gone, the lost life insurance could be replaced by term insurance.
Should you choose to Sell or Surrender your Endowment Policy please be aware that you will automatically lose the important benefit of the attached life insurance protection. If you are concerned that you may be putting yourself at a disadvantage then fill in the contact us form below and our Independent Financial Adviser who specialises in this field will provide you with the least cost, no obligation quotation from a wide range of UK insurers.
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