Can I Extend My Endowment Policy?
You Could Extend the Term of the Endowment and/or Mortgage as Long as the Lender and Endowment Company Agree and You Can Still Afford the Premiums, Especially...
You could extend the term of the endowment and/or mortgage as long as the lender and endowment company agree and you can still afford the premiums, especially if this is after you have retired. You could take out an additional endowment policy or start saving extra money into a different savings plan.
What happens when an endowment policy matures?
When the plan reaches the end of the policy term, no matter how many years, the endowment plan is said to mature. If the policyholder survives till the end of the policy term, a maturity benefit is paid out to them. If they die before the maturity of the plan, a death benefit is paid out at the time of death.
What can I do if my endowment falls short?
If you have a shortfall there are several things you can do: Convert your entire mortgage to a repayment mortgage. This will mean higher monthly payments, but if you keep up with your repayments, you'll repay your debt by the end of the term.
Alexander Ross has covered the video game industry for a decade, writing deep dives on game design, esports tournaments, VR developments, and gaming culture.
