If you’re considering making changes to your plan, such as the premiums you pay or the amount of life cover you need, we’ll be happy to help. It’s important to note that once you’ve told us what you’ve decided to do, you can’t change your mind. Please be sure you understand all your options, and the effect of any changes you make. There are a few things you and any other plan owner should think about before you make any decisions.
An endowment plan is a long-term savings and investment plan with life insurance. You pay a premium for an agreed period and receive a lump sum at the end of that time. If you die before then, we pay a guaranteed minimum amount, called a sum assured.
Endowments were often used to help repay mortgages or other debts and as long-term savings and investment plans with life insurance.
These vary depending on your plan type and the benefits you’ve chosen. We can explain your options further if you call us. They could include:
Some of these options will only be available under certain circumstances, and you may need an additional health assessment. There may also be restrictions on increases to premiums, life cover and the plan’s term.
Other options include stopping payments for a while and making them up later or stopping your payments for good by making your plan paid up.
You could also consider cashing in some or all of your plan.
Any change to the premiums you pay, to your level of insurance cover or to the remaining term of the plan could result in the following:
The value of your investment can go down as well as up and you may not get the back the amount that you put in.
According to Action Fraud, the UK’s fraud and internet crime reporting centre, an estimated £1.2bn is lost to investment scams every year. So if you’re thinking of reinvesting the money from your plan, take a minute to find out how to stay ahead of the scammers.
Give us a call on 0345 640 1000 or +44 178 644 8844 if you’re calling from abroad. We can’t give you advice or make your decision for you, but we’ll be happy to help you understand your plan and talk you through all your available options and their possible implications.
Alternatively, speak with a financial adviser - if you don’t have one, you can get details of financial advisers in your area from pru.co.uk and selecting ‘contact a financial adviser’. Financial advisers will charge you a fee for any advice they give you, but it will be personal to you.
We’re here 8am - 6pm Monday to Friday and happy to help in any way we can. Please make sure you have your plan number to hand when you call.