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The document is produced by the Profession’s Life Board and examines traditional non-pension endowment policies in detail.

It also explains how bonus rates on endowment policies are determined and how consumers are protected to ensure that these are fair. The briefing note compares traditional non-pension endowment policies with other policies available.

Mike Kipling, Deputy Chairman of the Life Board, said: “Millions of people have with-profits policies, yet very few really understand how they work. Yet to be able to judge whether to keep their policies in force, this understanding is key both for policyholders and for their advisers. Through its simple and graphical approach, I hope that our briefing note will help people assess whether their with-profits policy is providing good value.

The Institute of Actuaries in England and Wales and the Faculty of Actuaries in Scotland are the two chartered professional bodies for UK actuaries, working closely together across the UK as The Actuarial Profession.

Related links

• Actuarial Profession
• Briefing note