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Letter E
Endowment
A life assurance policy that builds up a
cash value. Depending on growth and the expected rate of return this plan is
designed to produce an amount equivalent to that of your mortgage.
The proceeds of an endowment policy will be free from all basic rate taxes
provided the policy has conformed to the qualifying rules. The insurance fund
does, however, pay tax on the profits it achieves whilst the fund is growing.
See also: Traditional with profit,
Unit linked,
Unitised with profits
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