The money you put into an endowment policy can be used for whatever you want. But it can't be used until the year specified on the policy. The account will need to be emptied at the end of the policy's term.

Do they still do endowment policies?

But as fewer of these mortgages are around nowadays, and after a mis-selling scandal, popularity for endowment policies has dwindled. However, they can still work as a supplement to pension saving, if set up to pay out a lump sum at the point of your retirement.

What happens to old endowment policies?

Your original lender should also return the original policy documents to you. ... Once the proceeds of your policies have been paid to you, the life insurer will cancel any direct debit set up to collect the monthly premiums from your bank account.