O/T life insurance

[Fensmiller]

I fully understand and your last paragraph its a worthy precaution to take to protect your family. I chanced it to luck and have been lucky I guess,still breathing at least.
What set me off on my particular route was in the late 70s early 80s there was a craze for endowment mortgages which promised huge cash pay out at the end of the mortgage term.As the old saying goes 'if it sounds too good to be true it probably is' and every person I know who took one out and stuck with it, ended up having to pay more as the market linked returns didn't live up to expectations. I hold my hand up to feeling smug and vindicated at the time. It's all down to personal preference.

[CAMiller]

I fully understand and your last paragraph its a worthy precaution to take to protect your family. I chanced it to luck and have been lucky I guess,still breathing at least.
What set me off on my particular route was in the late 70s early 80s there was a craze for endowment mortgages which promised huge cash pay out at the end of the mortgage term.As the old saying goes 'if it sounds too good to be true it probably is' and every person I know who took one out and stuck with it, ended up having to pay more as the market linked returns didn't live up to expectations. I hold my hand up to feeling smug and vindicated at the time. It's all down to personal preference.

I took out one of those endowments in 1984 against our first mortgage of 24K and it was just before they abolished tax relief on endowment payments so despite moving on to other mortgages I stuck with it through until the bitter end in 2009. Originally it 'promised' to pay off the mortgage and have a terminal bonus of 8-10K. Premiums were 25/month = 300/year = 7500 total. Final payout was 19.5K, well below what they promised and luckily we weren't dependent upon it by then to pay off a mortgage. Not sure if any other investments of 25/month would have given a better return and 25K life insurance.

We did take out another one in 1987 by which time they seemed to have started to get a 'bad name' and ended up in around 2002 going through the scheme to cancel it and get compensation for the 'losses' we had incurred compared to if we'h have simply taken out a repayment mortgage.