There has been a lot of press lately about endowment policy proceeds not being sufficient to repay the loans they are intended to cover, usually as part of a mortgage. Many endowment policies take over seven years before the value of the contributions paid in even equals the amount in the fund, so high are their charges. The chances are that you won’t really know how well it has done until it matures, right at the end of its life. Endowments are also big favorites with ‘Independent Financial Advisers’. Another killing in commission. Ker – ching!
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