Sell my Endowment Policy: Frequently Asked Questions
How can I sell my endowment policy?
The first step in selling your endowment policy is to either complete our online form to
sell my endowment policy or speak to one of our operators on 0208 732 5880.
Once you have supplied the details of your endowment policy, if we can,
we will make an offer to you in writing.
Please read our selling policy tips section for help when submitting your policy details.
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How can I find out how much my policy is worth?
To find out how much your policy is worth please complete our simple
online form. It only takes a couple of minutes and could mean you
receive thousands more for your policy.
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Why should I sell my policy rather than surrendering it?
Endowment policies are long term financial products and are not designed to be
surrendered before their maturity date. As a consequence the surrender value
offered by the life office may be far lower than what the policy is actually
worth when viewed as a long term investment. By selling your policy you can
often achieve a better price than if the policy were to be surrendered.
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What types of policies do you accept?
We accept With Profits policies. If you receive an annual bonus statement this is a With Profits policy.
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Do you accept Unit Linked Policies?
Unfortunately we cannot make offers on Unit Linked policies.
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Where can I find out my policy's Surrender Value?
You can obtain your policy's Surrender Value from the Life Office. Normally they can supply this figure to you over the phone.
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Where can I find the information you need to value my policy?
You can find most of these policy details on your original policy document and latest bonus statememnt. For further help with finding the correct information please read our Policy Details section.
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Who will be purchasing my policy?
We work with the leading market maker in the Traded Endowment Policy market,
AAP, who are the largest buyers of second-hand policies in the UK. They were
established in 1968 and have been involved with the purchase of over £1 billion of
endowment policies.
By selling to AAP you could get up to 35% more than by surrendering it
back to the life company.
AAP is authorised and regulated by the Financial Services Authority (FSA).
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What is involved in selling my policy?
If AAP is able to make an offer for your policy, they will write to you.
Once you have accepted an offer from them they will send you some documents to
complete so that they can transfer ownership of your policy. There are no costs
or charges to you and the transaction should be completed in approximately the
same time as it would to surrender the policy.
Once transfer has been completed they will send you a cheque for the amount
stated in their offer.
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If I sell my policy who will pay the premiums?
Once the sale of your policy is completed the new owner will be responsible for paying premiums. AAP will advise you of when you can cease paying
premiums as part of their offer.
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When will I stop paying premiums?
Once ownership of the policy has been transferred, payment of premiums will be
taken over by the new owners. AAP will advise you of when you can cease paying
premiums as part of their offer.
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Can I sell my policy if it is secured on my mortgage?
Yes. If the value of your policy exceeds that of your mortgage or the mortgage
is being re-paid this will not prevent you selling your policy. AAP will liaise
with your lenders to arrange the sale.
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Who can advise me whether I should sell my endowment policy?
If you need advice on whether to sell your endowment policy please consult an independent financial advisor. To find an IFA in your area
click here.
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