What is an Endowment Policy?
An endowment policy is an investment plan which is combined with life insurance cover. If the policyholder dies within the time period of the policy then the issuing company pays out the life insurance amount. Endowment policies provide people with a long term investment, yet over the past few years a growing number of people have decided to end their policy early.
The reason a person might decide to end their policy early could be for a number of reasons. There are people who feel that their endowment is not performing well enough, or perhaps they want to raise some capital. You can raise money and end your policy early by either selling or surrendering your policy.
It Is possible to sell your endowment policy
There are plenty of companies which can offer to help you sell your endowment policy. The main industry body overseas endowment-selling in the United Kingdom is the Association of Policy Market Makers (APMM). They are regulated and authorised by the Financial Services, and have a list of member companies that specialise in buying and selling endowment policies. There are other companies that can offer to search the market and act as broker for your endowment policy selling. You can view and compare companies from both sources on our comparison page.
Are you eligible to sell your endowment policy?
Before you decide to sell or surrender your endowment, make sure you check the policy thoroughly. This is because different endowment-selling companies have differing criteria. In general you will need to have a with-profits or with-profits whole life policy in order to be able to sell. In addition, it may have to have been up and running for a set amount of years again, this varies. Another requirement might be the 'surrender value' of your policy. This is the value that you would receive if you were to surrender your policy back to the issuer and in many cases must be at least £1,500. Check this during the comparison process.
What are the benefits of Selling Endowments?
By selling your endowment you could raise a fair amount of cash quickly this is one of the main reasons why people choose to sell their policy. In addition, the amount you raise by selling it to a third party could be much higher than if you decide to surrender it back to the issuer. If an endowment has been performing badly then it is a relief to be able to sell it after all, continuing to pay could end up being a costly mistake.
What are the Disadvantages of Selling Endowments?
Before you decide to sell your endowment, make sure you really consider your situation. Is your endowment really performing badly, and would you make more money if you continue the policy until it matures? Always seek independent financial advice if you are unsure about what is the best course of action. An independent advisor can go through your options with you and help you to make the best decision for your circumstances. If you decide to stop payments on an endowment policy then you risk losing any life insurance cover that it held. Therefore, it is vital that you seek alternative cover if you have any dependents who are relying on your life insurance.
By selling your endowment policy you may receive less than holding until maturity; You will not receive any windfall payments from the Life Office;
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