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Wesleyan gives pledge to 2007 on endowments

Wesleyan Assurance Society is extending its guarantee on mortgage end-

owment policies to cover all plans maturing before January 1, 2007.

The recent furore surrounding maturity values of mortgage endowment

policies not covering the full amount of the original loan has prompted

life offices to write to policyholders and compare the projected maturity

value of the policy with the original loan.

Product providers are having to come up with a possible course of action

where there is a shortfall.

Wesleyan says it is confident about the future maturity values of

endowment policies and has extended its guarantee as part of its mutual

rewards scheme.

It is offering policy holders a guarantee that the maturity level of their

policies will repay the amount of their original loan with no increase in

monthly premiums.

Wesleyan says the initiative proves that policyholders are benefiting from

its mutual status.

It has paid out more than £9m in extra bonus payments to policyholders

this year.

The company hopes the bonuses and the exten ded guarantee will att ract

new policyholders.

Managing director Jim MacDonald says: “This initiative is yet another

demonstration of Wesleyan&#39s ability to be inn ovative and provide

reassurance and good value to our customers. We trust that activities such

as this will encourage new customers.”

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