Check My Endowment - Is your endowment policy experiencing a shortfall?

What does Check My Endowment do?

Check My Endowment is designed to help you obtain information from the life insurance company that is necessary to feed the calculator, which will then give you information about your with-profits endowment policy:

how much it has cost you so far in premiums;
its current worth - the claim value if you died now;
how much more you need to pay in premiums until it matures;
how much you might get back, at the various quoted growth rates, at maturity;
how much it is worth if you make it paid up and pay no more premiums;
the effect on the return at maturity at the various growth rates if you made it paid up;
how much you would get if you surrendered it now; and
we supply you with a personal calculator so you can assess alternative strategies.

This program will provide you with information to help you decide how valuable your endowment policy is to you, or if you prefer you can take the results to a financial adviser (eg IFA, accountant, solicitor, insurance broker, etc) for advice.

Important notice: If you do anything other than continue to pay the premiums to maturity you will inevitably either lose or reduce your life insurance cover unless you replace that life cover.

What do you need to do?

1. Find the information you already have:

Name of life insurance company (on policy document or premium renewal notice).
Policy number (on policy document or premium renewal notice).
Premium payments and frequency: yearly, half yearly, quarterly or monthly (on policy document, premium renewal notice, cheque book or bank statement for direct debits / standing orders).
Start date (on the policy document or company will advise you).
Term of the policy or date it matures (on the policy document or company will advise you).

2. Gather further information from the life insurance company:

The program will generate the letter(s) to the life insurance company and any reminders necessary.
Sign the letter(s) and post to the life insurance company.

3. Input the information into the Check My Endowment calculator:

Input the information you have received back from the life insurance company into the calculator using a straightforward input document.
Check the input information has been entered correctly.
Run the calculator and print off the results.

4. The information you will receive from the calculator:

how much it has cost you so far in premiums;
its current worth - the claim value if you died now;
how much more you need to pay in premiums until it matures;
how much you might get back, at the various quoted growth rates, at maturity;
how much it is worth if you make it paid up and pay no more premiums;
the effect on the return at maturity at the various growth rates if you made it paid up;
how much you would get if you surrendered it now; and
we supply you with a personal calculator so you can assess alternative strategies. The results printed out have been compiled from the information you have input into the calculator and the calculations have been carried out on that information.

If you have input inaccurate or incorrect information then the answers given here may be incorrect and you may draw from them the wrong conclusions.

Note that the calculator will only work for the policy you are currently processing, not for an additional policy. If you have another policy you wish to process, you will have to use or purchase an additional calculation.

5. What action can you take and how it may affect your investment and life cover:

Keep the policy going as it is paying the same premiums until maturity. This will maintain your insurance cover. You may also be able to change the policy if the terms allow and by agreement with the company by shortening the term, lengthening the term, reducing the sum assured etc. Any such changes may affect you life cover.
Make the policy paid up and pay no more premiums and receive a reduced sum at maturity. This will reduce your insurance cover.
Or you can cease to have an interest in the policy and pay nothing more by:
- Selling the policy on the Traded Endowment Policy Market, or by
- Surrendering the policy.
Both of which will leave you with no insurance cover but you may be able to purchase cover which, if you need it, you should do before selling, surrendering or making the policy paid up.

If you require advice you should approach an Independent Financial Adviser who is authorised by the Financial Services Authority. These may include an independent financial adviser, stockbroker, life insurance broker, solicitor, accountant, actuary, or other professionally qualified and authorised person.

To gain access to the calculator please continue to the registration page where you will have two choices. You may purchase a single use application, or an assisted application, and the choice to purchase additional calculations at any time.

For the assisted application we need you to produce the following information:

Find the information you already have.
Name of life insurance company (on policy document or premium renewal notice).
Policy number (on policy document or premium renewal notice).
Premium payments and frequency: yearly, half yearly, quarterly or monthly (on policy document, premium renewal notice, cheque book or bank statement for direct debits / standing orders).
Start date (on the policy document or company will advise you).
Term of the policy or date it matures (on the policy document or company will advise you).

Our staff will prepare the letter(s) to the life insurance company, then send them to you for signature and for posting on to the company. As you receive answers from the life insurance company the letters should be copied and forwarded to us. An expert will input the information to the calculator and send you the printed results. This method is more expensive.

Check My Endowment



	Check My Endowment will provide you with information about the performance of your endowment policy. In order for it to do so, it will guide you through the whole process of gathering the necessary information from the life insurance company to completing the online calculator. The results will provide you with sufficient information about the performance of your policy to help you to make decisions, or, if you prefer, take the results to a financial adviser (eg IFA, bank, insurance broker, etc). For more information click here. Check My Endowment does not give financial advice.



	Recently there has been a lot of media coverage about the performance of endowment policies. Many policyholders may be experiencing a reduced payout value. This has major implications if the endowment is used to support another financial product eg a mortgage.