Introduction

These monthly premium plans are offered by Friendly Societies and Life Insurance companies. Provided you do not cash them in before 10 years, there is no liability to tax on the profit you make - even if you are a higher rate tax payer.

You can choose to save over a term of 10-35 years in the 'Endowment Plan', alternatively you can choose our 'Whole Life Plan' where you will pay premiums for 10 years only, but you will then have the option of leaving your savings to grow for as long as you want without having to pay any further premiums

The Inland Revenue do not set any limit on premiums. We pay tax on the interest and capital gains we get on your investment. As a Friendly Society, we offer the same plans on a tax-exempt basis for premiums of up to £25 per month - which pay higher bonuses than on other long term savings plans - please see our Savers Tax-Exempt Plans brochure if you are not already using your allowance.