If you’re considering accessing some or all of the cash in your plan, 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 the options to you if you get in touch. As a guide, these could include:
The effect of any changes you make will depend on your individual plan and benefits, so it’s vital to make sure you’re making the right decision before you take any action. Possible effects could include:
Some plans include a guaranteed annuity option. This provides a guaranteed lifetime income as an alternative to the maturity proceeds and is only available at the maturity date. This option won't be available if your plan is cashed-in early.
You could also sell your plan on the ‘second-hand’ endowment market and we can let you know if this is possible when you call. Not all plans are suitable, for those that are this means:
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
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.