Can I sell my endowment?
If you are one of the many people who have decided to surrender your endowment, you may not have realised that you can sell your endowment policy. In fact, if you sell to a company that specialises in buying endowment policies, you could get more than the surrender value.Andy Mossack, marketing director of one such company, aap, said: "On average, we would pay 15 to 20% more than the quoted surrender value, but we have paid up to 50% more". ...
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- Can I sell my endowment? updated Wed Sep 12 2007 8:30 am CDT
If you are one of the many people who have decided to surrender your endowment, you may not have realised that you can sell your endowment policy. In fact, if you sell to a company that specialises in buying endowment policies, you could get more than the surrender value.Andy Mossack, marketing director of one such company, aap, said: "On average, we would pay 15 to 20% more than the quoted surrender value, but we have paid up to 50% more". The amount depends on how long the policy has been going and how long it has to run.Although aap specialise in buying endowment policies, Mr Mossack says policyholders should not get rid of their policies without considering all their options. He said: “People should think very carefully before giving up a policy. Sale or surrender should be a last resort". Reasons to sell an endowment policyYou can sell an endowment for any number of reasons. The most common reasons people give for selling their policies are:Restructuring their financesRe-mortgagingDivorcePaying off substantial debtsFunding home improvements. James Cotgrove sold his endowment to fund an extension to his home. He said: “I contacted a number of companies that were interested in buying my endowment policy. I got a profitable offer and my extension is now going ahead. I can’t wait to see it finished.”You may be planning when you can sell your endowment policy, but you should ensure you have explored all your options before you make any decisions.Dan Farrow, chief operating officer of aap, said: “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.” 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 13:30:17 +0100
