My friend and I are aged 48 and 55 and remortgaging our house. I have heard bad reports on endowments. What kind of insurance should we take out and could it include life insurance? We will be paying interest only for two years to get back on our feet having consolidated other debts. We hope to upgrade house in next couple of years, and I know in Scotland (Highlands) prices are going up, so although our house will be worth a lot when one of us retires, how do we make sure that a) in the event of death, the mortgage will get cleared and provide a capital sum? Sorry for sounding vague, but I know nothing except we have to be insured.
Oh and thanks!