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Endowments Plunge to Record Low
21/04/2011
It was recently published by the Pheonix Group that a 25-year endowment policy payment has dropped below £23,000 for the first time. For savers who are putting away £50 a month, they would be better off to keep the money in cash than to invest in an endowment policy.
But this year National Provident Life, owned by Phoenix, will pay just £22,918, an annual return of just 3.2%. The average savings account would have given 3.4% over the same period.
The annual return from other groups, including Scottish Mutual, Royal Life and Britannic are paying up to £33,642.
Homeowners aged over 55 years who are concerned about their endowments and would like to know how much money the value of their property could release to help, can find out by contacting therightequityrelease.co.uk for equity release advice.
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