What is the NFU Mutual Endowment Plan?
It is a regular savings plan with a life assurance element. It enables you to build up a lump sum that will be paid out at the end of a specified period or upon the death of the life assured. The lump sum payable depends on our investment performance and our expenses, so it may be less than you had hoped for. The rates of bonus payments added in the past do not give any indication of the bonuses which may be added in the future.
The life assurance element has a minimum guaranteed payout which could increase over time.
Am I eligible?
To take out a plan, you must be between 18 and 65 years old.
How much can I contribute?
The minimum monthly contribution is currently £20 and the minimum annual contribution you can make is currently £200.
How long can I save for?
The minimum term of an Endowment policy is 10 years.
Whose life is covered by the life assurance element?
It is usually you, the policyholder. However, you can take out a plan on a joint life basis, in which case it would pay out on the first death only.
The plan is not designed to pay the capital outstanding on an interest-only loan and so there is no guarantee that at the end of the loan period the lump sum built up will be sufficient to meet your requirements.
Can I make regular withdrawals from my plan?
No. There is no regular withdrawal facility.
Can I cash-in the policy?
Yes. You can cash-in the plan at any time after the plan has acquired a cash-in value. However, you may get back less than you have paid in.
How can I follow the progress of my plan?
You will receive an annual statement that will show the value of your policy including the value of the life assurance element.
What happens if I stop paying my premiums?
If you stop paying your premiums within two years of starting your plan, the plan will terminate and a cash-in value may be payable. If you stop paying your premiums after two full years' premiums have been paid, the plan will continue but the benefits payable will be reduced.
 Find out more
Full details of this policy can be found in the Endowment Plan Key Features Document which should be read and understood before you decide to proceed with any purchase. This can be requested via our contact us page or by calling free on 0800 622 323.
For security and training purposes, telephone calls may be recorded and monitored. Your enquiry may result in a call from an NFU Mutual Financial Consultant or Customer Telephone Adviser who advises on NFU Mutual's products and services services and in special circumstances those of other providers.
|
|
Media Centre
Fund prices
More information
Lifestyle advice