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Low Cost Endowment Policy ::

The Low cost endowment policy is most commonly used for mortgage repayments.

Only interest payments are made to the mortgage provider while at the same time regular payments are made into an endowment policy. In most cases the death benefit is equal to the amount of mortgage at the outset and will cover the mortgage during the term in case the life assured dies.

The target of the low cost endowment policy is to pay off the mortgage at the end of the term. As the maturity of the policy depends on the performance of the fund, the payout can be higher or lower than originally projected. There are currently approximately 9.5 million endowment policies linked to a mortgage (March 2004).