I have just noticed that my endowment policy matures a full year before my mortgage is to be paid. As far as I know both the Insurance Co and my Building society are not aware of this.
What are my options? Are the insurance company likely to pay me out?
Any comments gratefully received.
Since it will presumably underperform anyway, leaving you a shortfall, does it really matter? Just pay the maturity proceeds off the loan account, reducing the balance to (hopefully) a pittance, and keep the monthly loan payments the same, or increase them if you can, and the loan will be paid off before you can say *&VD*&^SDV$&^^V)S(D*FD.
The insurance will stop when the policy matures, so if you think you need life insurance to cover your dependants for the remaining balance until it's paid off, buy some.
Alternatively, if you have enough put by, consider paying off the whole loan when the endowment matures.
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