Buying endowment policies in the UK
Recently, many people have been buying endowment policies in the UK as a way to repay the capital on an interest-only mortgage. However, changing circumstances mean some have now decided to cash in their endowment policies.The most common reasons people give for cashing in their endowment are:Restructuring finances Divorce Re-mortgaging Paying off debts. However, many people also decide to cash in their policies to free up a lump sum to fund home improvements or an extension. ...
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- Buying endowment policies in the UK updated Wed Sep 12 2007 8:18 am CDT
Recently, many people have been buying endowment policies in the UK as a way to repay the capital on an interest-only mortgage. However, changing circumstances mean some have now decided to cash in their endowment policies.The most common reasons people give for cashing in their endowment are:Restructuring finances Divorce Re-mortgaging Paying off debts. However, many people also decide to cash in their policies to free up a lump sum to fund home improvements or an extension.If you are considering surrendering your endowment, for any reason, you should make sure you know all the options available to you. There are companies that specialise in buying endowment policies in the UK. They could offer significantly more than the surrender value for your policy. Selling and buying endowment policiesJames Cotgrove sold his endowment policy to fund an extension. He said: “I contacted a number of companies who offered to buy my endowment, and one came up with a profitable offer. The service I received was fast, friendly and efficient. My extension is now going ahead and I can’t wait to see it finished.”Selling your endowment could not be easier. You simply need to supply the company buying the endowment policy with information about the life company that supplied the policy, and the year the policy was taken out.The buyer will then be able to give you a valuation for your policy, leaving you to decide whether to sell your endowment. Other options open to youIf you have decided to surrender your endowment policy, it is important that you understand all the various options available to you.Andy Mossack is marketing director of aap, the largest company that specialises in buying endowment policies in the UK. He said: “I believe there are thousands of people who have been panicked into surrendering their policies needlessly because they have not understood the options.“Apart from getting more for their policies by selling through a company like mine, they could make a policy paid-up or could raise a loan against it, either from the Life Company or from most high street banks.”Whatever reason you have for cashing in your endowment, you should make sure you know all the options; so you can get the most from your policy. This article was written by Scott Andrews on behalf of aap – the UK’s largest buyer of endowment policies. Visit http://www.aap.co.uk to find out how much your policy could be worth. You’ll see aap is the company to buy your endowment policy
Wed, 12 Sep 2007 13:18:02 +0100
