Unfortunately
statistics show that a significant number of people
are suffering as the result of poorly performing endowment
policies.
In the past endowment policies
were sold to clients on the basis that they would
repay a mortgage "and" then provide an additional
tax free lump sum.
This is increasingly not the
case. It is predicted that upto 70% of policies will
underform to the point where individuals will have
to fund the "shortfall" themselves...This
is far from ideal.
Due to "Time Baring"
rules some insurance companies are saying that unless
you make a claim within a certain timeframe you can
not successfully claim endowment compensation
from them.
Recently assessed endowment
shortfalls:
| Typical Shortfalls
|
| Company |
Shortfall |
| Abbey Life |
£12,910 |
| Axa Sun Life |
£12,540 |
| Scottish Life |
£12,130 |
| Winterthur Life |
£12,040 |
| Scottish Provident |
£11,160 |
| Black Horse |
£11,130 |
| Britannia Life |
£11,080 |
| Legal & General |
£10,990 |
| Sun Alliance |
£10,230 |
| Commercial Union |
£9,870 |
So how much endowment
compensation could you be entitled to? The
potential to gain endowment compensation depends on
each individual case.
It is generally worked out
by comparing the endowment shortfall against the funds
repaid via a repayment mortgage. ie. if your endowment
were to underperform by, say, £9,870 when compared
against the services of a repayment mortgage you can
claim for this amount....
Insurance companies are setting
aside millions & millions to cover compensation
claims but they are stating specific timeframes during
which people must claim within.
Don't loose out by inaction....
Call us on 0845 606 6652
and we will walk you through the claims process. |
