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Endowments are policies which combine life cover with investment. They are often linked with mortgages and will pay out any returns at the end of the policy term or a lump sum when the policyholder dies.
They are long term investment plans, typically lasting between 10 and 25 years. They can be used as a tax efficient savings plan to build a lump sum of money for any purpose or they can be used to repay an interest-only mortgage, which is often a requirement of the mortgage provider.
This involves an inherent assumption of likely investment growth by the policy provider, and for many years the conservative assumptions meant that people paid off their mortgage and often had a sizeable surplus. There is of course, always a risk that the target amount will not be reached is investment growth is less than expected.
Endowments should only be used for mortgage or loan repayment by those who appreciate there is a risk.
You should NOT stop or otherwise alter any existing Endowment without discussing it with a financial professional.
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