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Endowment mortgage |
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Endowment mortgageAn interest-only mortgage ultimately repaid by the proceeds of an endowment assurance policy which is assigned to the lender providing the mortgage. The policyholder pays the lender's interest only, for the term of the mortgage. The sum assured, which is payable on maturity or prior death of the policyholder, is used to repay the mortgage. Policies are usually with profits (or low cost endowment), unit linked or unitised with profits and sometimes this provides some additional capital for the policyholder after the lender has been repaid.Similar MatchesPure endowmentPure endowmentA life assurance policy where the sum assured is paid if the life assured survives the term but in the event of prior death nothing is payable. Full endowmentFull endowmentAn endowment policy in which the savings element is significantly increased. Income pure endowmentIncome pure endowmentAn endowment plan which carries an option at maturity for the proceeds to be paid in the form of a regular income. In the event of the policyholder's death before maturity no benefit is payable. Endowment assuranceEndowment assuranceA fixed term life assurance policy in which provision is made for premiums to pay for life cover plus a savings/investment element. The policy pays out a sum of money (the sum assured) on the death of the life assured or at a specified date (the maturity date) if the life assured survives the term. If an endowment policy is encashed in its early years any proceeds returnable to the policyholder will normally be below the value of the premiums paid up to cancellation. Unit linked endowment assuranceUnit linked endowment assuranceSee: 'endowment assurance'. Further Suggestionsendowment insuranceUnitised with profit endowment Factor endowment income endowment Endowment endowment second hand endowment Endowment Unit linked endowment Low start endowment Low cost endowment Non profit endowment Full with profit endowment child deferred endowment Traded endowment policy (Tep) |
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