Five major Life Insurance companies have appeared before a Treasury Select Committee for discussions about the endowment crisis. Legal & General, Norwich Union, Prudential, Royal Sun Alliance and Standard Life were the providers called in for discussions. Each provider gave estimates of its average endowment shortfall and this was then multiplied by all other endowment providers and their estimated numbers of policies to deliver the £50 bn figure.
Our view
No doubt the Government have the same concerns as we do. If you have a mortgage linked to an endowment - please review it now - take advice from us. Free factsheet - Endowment Mortgage - Don't Panic.