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Using Endowment Policies for Mortgage Repayment (Unit-linked Endowment…
Using Endowment Policies for Mortgage Repayment
Endowment Policy
With-Profits
Bonuses
Reversionary
Simple basis
Compound basis
Combined bonus basis
Terminal
Bonus paid on maturity
Products
Full With Profits
GSA equal to mortgage
Bonuses add cash surplus
Low-cost
GSA 50-60% of mortgage
Reversionary/terminal bonus top up GSA to mortgage
D Benefit mortgage cover- Decreasing term assurance between mortgage and GSA + bonues
Charges
Monthly admin fee
Investment management, life cover and admin from investment fund
Unit-linked Endowment policies
Unit pricing
Bid price (FM buys units)
Bid-offer spread (difference between bid/offer)
Offer price (holder buys units)
Premiums
Investment Units
Life cover
Admin charges
Benefits
Funds
Cash
Fixed interest
Managed (Balanced)
UK equities
Property
Specialist equities
Unitised with-profits Endowment
Premiums
Variable units
FIxed units