Sell Endowment Policy: Locating Your Policy Details

Here are a few pointers that may be of help in finding the information we need to make an offer on your endowment policy.

Life Company

This is the company that issued your endowment policy. You can find this on your original policy document.

Policy Number

This is the unique number given to you by the life office. This will be shown on your original policy document and any correspondance you have from the life office.

Start Date

This is the date the policy started and can be found on your original policy document.

This may also be referred to as the 'Commencement Date'.

Maturity Date

This is the date the policy ends and can be found on your original policy document.

Sum Assured

This is the minimum amount that will be paid out by the life office at maturity and can be found on your original policy document.

This is sometimes confused with the Death Benefit. The correct value for the Sum Assured will, in most cases, be less than the total premiums paid during the life of the policy.

E.g. If your premium is £50 per month for a 25 year policy, the Sum Assured should be less than £15,000 (£50 per month x 12 premiums per year x 25 years).

This may also be referred to as the 'Basic Sum Assured'

Premium

This is the amount paid by the policy holder (usually every month) to the life office and can be found on your original policy document.

This may also be referred to as the 'Gross Premium'.

Premium Frequency

This is how often premiums are paid by the policy holder and can be found on your original policy document. The premium frequency is usually monthly but can also be quarterly, bi-annually or annually.

Bonuses

This is total amount of bonuses that have been added to the policy and can be found on your latest bonus statement.

The life office will send you a statement once a year showing you how much was added for the previous year and the total amount added since the policy started. You need to supply the total amount that has been added since the policy started.

This may also be referred to as the 'Total Attaching Bonuses' or 'Reversionary Bonus'.

Special Bonus

This is an extra bonus that is given by a few life offices and can be found on your latest bonus statement.

Bonus Date

This is the date your last bonus was added and can be found on your latest bonus statement.

Surrender Value

This is the amount the life office will pay were you to surrender your policy back to them. This figure, that you obtain from the life, will normally be given to you over the phone. The telephone number for your life office should be on any corresponance you receive from them.

Surrender Value Date

This is the date that you obtained the surrender value of your policy.

Home