Hi
I have a countrywide endowment which is performing OK. I have had it since 2000. We no longer rely on it to pay off any interest only part of a mortgage.
I have always been under the impression that my premiums were used to buy units in a trust fund, and a monthly fee is taken to cover the cost of administering the 'policy'.
I have found some old documentation stating that the premium of £102.45 is actually made up of:
Death benefit £84.71
Critical illness £10.24
Mortgage Payment protection £6.55
Premium protection £0.95
£102.45
Can anyone explain this?
1 I never asked for any mortgage payment protection or realised I had any. Is this a form of PPI and can I therefore make a claim.
2 I phoned countrywide and asked to remove the critical illness. They said they cannot do this. My policy booklet states that 'If you remove critical illness benefit, the policy will end and a new policy will be issued in its place. The new policy will have the same policy number as the old one'. I told the lady on the phone this and she said 'we don't do new endowments now'
3 I phoned countrywide and asked them to remove the payment protection. They said they cannot do this.
4 I asked to remove the death benefit. They said they cannot do this but can reduce the value is pays out down to the target mortgage amount of the endowment.
Any thought/comments/experiences would be appreciated.
I have a countrywide endowment which is performing OK. I have had it since 2000. We no longer rely on it to pay off any interest only part of a mortgage.
I have always been under the impression that my premiums were used to buy units in a trust fund, and a monthly fee is taken to cover the cost of administering the 'policy'.
I have found some old documentation stating that the premium of £102.45 is actually made up of:
Death benefit £84.71
Critical illness £10.24
Mortgage Payment protection £6.55
Premium protection £0.95
£102.45
Can anyone explain this?
1 I never asked for any mortgage payment protection or realised I had any. Is this a form of PPI and can I therefore make a claim.
2 I phoned countrywide and asked to remove the critical illness. They said they cannot do this. My policy booklet states that 'If you remove critical illness benefit, the policy will end and a new policy will be issued in its place. The new policy will have the same policy number as the old one'. I told the lady on the phone this and she said 'we don't do new endowments now'
3 I phoned countrywide and asked them to remove the payment protection. They said they cannot do this.
4 I asked to remove the death benefit. They said they cannot do this but can reduce the value is pays out down to the target mortgage amount of the endowment.
Any thought/comments/experiences would be appreciated.