Prudential Endowment Savings

Your endowment policy is a life insurance contract designed to pay a lump sum after a specified term (on its 'maturity') or on earlier death.

Endowments can be used as a savings vehicle to provide a lump sum to fund a specific event in the future or more commonly, used for endowment mortgages to pay off interest only mortgage at maturity or earlier death.

How can I find the value of my policy?

If you are still paying premiums on your policy, each year you will receive an annual bonus statement which will tell you how your policy is performing. If you want to find out the current value your policy, please contact us.

How will I know if my policy will meet the target amount?

We send you an annual bonus statement that details the performance of your policy. If you are a mortgage endowment customer you will also receive a yearly review letter which tells you whether policy is on track to meet its target amount. These letters are colour coded red, amber and green.

• Green - your policy is on track to meet its target amount at maturity.
• Amber - your policy is at significant risk of not meeting its target amount at maturity.
• Red - there is a high risk that your policy will not reach its target amount at maturity.

What if my policy has a shortfall?

If the value of your fund is less than the sum required to meet and repay the target amount, you will need to make up the difference from other sources.

Alternative mortgage arrangements include, switching to a repayment mortgage, starting an additional savings plan or extending or increasing premiums on your existing plan where permitted.

The Consumer Financial Education Body (CFEB) has produced a guide to help people who may be facing a financial shortfall. You can request a copy of this guide by calling the CFEB helpline 0n 0300 500 5000 or by visiting www.moneymadeclear.org.uk

Can I surrender my policy?

Yes, but before you think about cashing in your plan, please take time to read this leaflet as you may wish to consider some of the other choices available to you.

How can I sell my policy?

Not all endowments are suitable for trading; we can tell you if your plan is suitable and help you find out more through the Association of Policy Market Makers (APMM).

APMM is an association representing a number of independent market makers. Market makers sell suitable policies to new owners who buy second hand plans as an investment.
APMM are authorised and regulated by the FSA.

You can contact APMM on 0845 011 9406 or visit their website www.apmm.org

APMM do not cover the whole market, there are other market makers and you are free to look into trading directly with them.

Can I increase premiums?

We no longer accept premium increases unless it is in relation to a shortfall following a mortgage endowment review. These are then subject to certain terms and conditions, to find out whether you are able to please contact us.

What do I do if I've changed my address?

If you have changed your address then you will need to send us identification confirming your name and address. We will need a copy of your passport and a copy of a utility bill or evidence that shows your new address such as a solicitor's letter, council tax bill, bank statement, mortgage statement or your original driving licence (including counterpart licence if photo card).

What options do I have when my plan matures?

• If you're not sure when your plan matures either send us a secure email, call us on 0845 640 2000 or check your annual statement.
• If your plan is maturing in a year we'll write to you to ask you to think about what you might do with your money when the plan ends. You may have already decided, but if not then we may be able to offer you a reinvestment option to suit your needs. Read more about some of our investment options.
• If your plan is maturing in around four to six weeks you will receive a maturity pack from us, which includes the maturity date, the guaranteed valuation and contact details.

Review your Prudential Endowment Savings plan

• We send you a statement each year but you can also request a fund valuation online.
• To top up, change investment funds, make withdrawals, make any changes, or find out more about your plan call 0845 640 2000, Mon-Fri 8am - 6pm, or write to: Maturities Section, Stirling, FK9 4UE quoting your Policy number. Or you can send us a secure email.
• Read more about your saving and investing options with us.