I am a 77-year-old widower and inherited R800 000 from my late husband’s living annuity. I do not need those funds for daily or emergency needs, but I would like to put them away for a five-year period or longer. Would an endowment be the best investment instrument even though my tax rate is well below 30%? Is there a better investment that matches my risks? I think it’s very important to understand that an endowment is an investment vehicle with a specific tax structure and estate implications.
Endowments are taxable in the hands of the investment life company and taxable at a rate of 30%. This investment vehicle can be used for estate planning purposes as you can nominate beneficiaries for ownership or proceeds in the event of your death. Your grandchildren can become the owners of the policy in the event of your death and proceed with the investment or the money can be paid out to them.
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