Endowment policies slump

The number of mortgage endowment policies has fallen by more than a million in less than 18 months. ABI statistics have recorded a fall from 10.75 million endowments in June 2001 to 9.7 million by December 2002. The trade body said this is due to a mix of falling sales and a number of policies now reaching maturity or being surrendered. It expects mortgage endowment policies to continue this trend of decline over the next few years while repayment mortgages maintain their dominant position in the market. The ABI said there is evidence to suggest that many people have more than one en...