Legal & General recently announced that mortgage endowment policies maturing this year will pay out more than was originally predicted when the policies were taken out 25 years ago.
Seemingly, if L&G's projections are correct, someone who paid £50 a month into one of the policies for 25 years will receive £34,750 (£372 above the target amount).
This optimistic announcement contrasts somewhat sharply with the September client mailing carried out by L&G, in which 81% of its mortgage endowment customers received red letters.
Don't crack open the champagne, until you receive your payout.
I have 22.5 years old L&G with profits endowment that is meant to pay off my mortgage.
ReplyDeleteI think "L&G Endowments above Target?" was a load of spin.... (looking back)
There Red letters still fail to spell out just how bad these product have/will perform.
The terminal bonus are so low, they amount to less than the interest being pay on my current mortgage.
Cashed-in early; after I won a claim, for miss selling.