Worried about your endowment?
Call for IFA Promotions free factsheet on 0800 085 3250
Do you have an endowment mortgage? Are you anxious about its performance? With Norwich Unions announcement last week on decreased With profits bonus rates, IFA Promotion is urging people to check the performance of their endowment policies.
With bonus rates down across the board, and big name life companies such as Scottish Widows and Norwich Union visibly announcing large cuts in bonus rates, IFA Promotion is urging people to check if their endowments are still on track to repay their mortgage. IFA Promotion, the organisation promoting the benefits of independent financial advice, has produced a factsheet "Confused about endowments? available by calling 0800 085 3250 or downloading at www.unbiased .co.uk
The fact sheet helps explain how endowments work, and how to ensure that even if bonus rates are cut on with-profit policies, how you can ensure that your endowment will still be sufficient to repay the mortgage debt.These options could include:
increasing endowment premiums, and what the cost implications will be
taking out an additional policy
extending the term of the endowment policy
taking out an alternative investment
David Elms, Chief Executive said: With the recent Equitable debacle still fresh in peoples minds, savers need to keep a vigilant eye on their endowment policies to ensure they wont be disappointed at the end of their mortgage term.
For a free copy of the guide, together with details of local independent financial advisers who can talk through your options in detail, call the IFA Promotion consumer hotline on 0800 085 3250 or visit www.unbiased.co.uk
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For further information, please contact: | ||
David Elms | or | Richard Winder/Pippa Russell |
CEO |
| Lansons Communications |
Independent Financial Adviser Promotion |
| Tel: 020 7490 8828 |
Tel: 020 7833 3131 |
Notes to Editors
1. Independent Financial Adviser Promotion
Independent Financial Adviser Promotion Ltd. was established in 1989 to promote the value and accessibility of independent financial advice to the public. It represents nearly 10,000 firms of independent financial advisers across the UK and is sponsored by 28 leading financial institutions.
IFA Promotions central belief is:
Consumers have a right to financial advice that is independent of the providers of financial products - i.e. independent financial advice.
Furthermore independent financial advice should be:
Affordable. The option to take independent financial advice should be available, by right, to all - not just the wealthiest in society.
Convenient. IFAs should be available in the location of the consumers choice, wherever they live in the UK.
Transparent. It must be clearly transparent to consumers who is able to offer independent financial advice and who is not.
2. Independent Financial Adviser Promotions sponsors
AXA Sun Life | Prudential |
Barclays Global Investors Funds | Scottish Equitable Plc |
BUPA | Scottish Life |
Canada Life | Scottish Mutual Assurance Plc |
Clerical Medical Investment Group | Scottish Provident Institution |
Dresdner RCM Funds (UK) Ltd. | Scottish Widows Plc |
Eagle Star | Selestia |
Family Assurance Friendly Society Ltd | Standard Life Assurance Company |
Friends Provident | Swiss Life (UK) Plc |
INVESCO Fund Managers Ltd | The Skandia Group of Companies |
Legal & General | Tunbridge Wells Equitable Friendly Society |
National Mutual | Winterthur Life UK Ltd |
National Savings | Zurich Life Assurance Company |
Norwich Union Life |
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NPI |
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