If you’re considering changing the funds your endowment plan is invested in, we’ll be happy to help. It's important to note that you can't cancel a switch instruction once it's been given, however you can give subsequent instructions to us. 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.
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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.
We can discuss where your money is currently invested, and your choices if you call, or discuss with your financial adviser.
Where you have a choice of funds you can switch at any time, however there may be a limit to the number of switches you can make, or the number of funds you invest in.
These vary depending on your plan type. We can explain these to you if you get in touch. They could include:
How long you intend to remain invested. When changing funds it’s important to remember that the value of investments can go down as well as up, and that you could get back less than you paid in.
Fraudsters are always out there and constantly changing their tactics. 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 phoning 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 at pru.co.uk. 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 (except bank holidays) and happy to help in any way we can. Please make sure you have your plan number to hand when you call.