Great Assure Endowment Insurance: Everything You Need To Know
When it comes to life insurance, there are many different types to choose from. One of the most popular options is great assure endowment insurance. This type of policy combines the features of life insurance and investments and can provide a range of benefits and protection for policyholders. In this article, we will explore everything you need to know about great assure endowment insurance, including what it is, how it works and the benefits it can provide.
What is Great Assure Endowment Insurance?
Great assure endowment insurance is a type of life insurance policy that combines the features of life insurance and investments. It is designed to provide policyholders with protection, as well as the potential to grow their wealth over time. The policy pays out a lump sum upon death, or at a set date, depending on the type of policy you choose.
When you take out a great assure endowment insurance policy, you pay regular premiums which are invested into a range of different funds. The funds are managed by the insurance provider and the value of your policy is determined by the performance of the funds. This means that, over time, the value of your policy can increase, resulting in a larger lump sum payout.
How Does Great Assure Endowment Insurance Work?
When you take out a great assure endowment insurance policy, you pay a premium which is invested into a range of different funds. As the funds increase in value, so does the value of your policy. At the end of the policy term, you can either receive a lump sum payout or withdraw your funds in stages. The funds can be used to pay off debts, finance a purchase, or simply provide you with a tax-free income.
Great assure endowment insurance policies typically have a minimum term of five years and a maximum term of 25 years. The policy can be linked to an existing mortgage, so the lump sum payout is used to pay off the remaining mortgage balance. Alternatively, the policy can be taken out as a standalone product, with the funds available to use as you wish.
Benefits of Great Assure Endowment Insurance
Great assure endowment insurance provides a range of benefits to policyholders. The policy offers life insurance cover, as well as the potential to grow your wealth over time. Furthermore, the policy offers tax-free returns, so you can keep more of the money you make. Additionally, the policy is flexible, so you can choose the term length, the amount of the premium and the type of funds you want your money invested in.
Another great benefit of great assure endowment insurance is that you can choose to withdraw your funds in stages. This means that you can use the funds to finance a purchase or provide a regular income, rather than having to withdraw the entire lump sum in one go.
Things to Consider When Choosing a Great Assure Endowment Insurance Policy
When choosing a great assure endowment insurance policy, it is important to consider a few key factors. First, you need to decide whether the policy should be linked to your existing mortgage or taken out as a standalone product. Secondly, you need to consider the term length of the policy, as well as the amount of the premium you are willing to pay. Finally, it is important to research the different funds available and choose the ones that best meet your needs and goals.
Conclusion
Great assure endowment insurance is a type of life insurance that combines the features of life insurance and investments. The policy provides protection and the potential to grow your wealth over time, as well as offering tax-free returns and flexible terms. When choosing a great assure endowment insurance policy, it is important to consider a few key factors, such as the term length, the amount of the premium and the type of funds you want your money invested in.