Selling endowment

mozie

I am considering selling or surrendering my endowment (I have paid off my mortgage so no longer need it for this purpose).

I have been paying approx £100 per month into the endowment for about 8 1/2 years. The surrender value is about £12200 but I have heard that I might be better selling it off insead.

Does anyone know of any reputable companies that I can sell the endowment to?

Any advice would be greatly appreciated!

turbobob

First things first - is it a conventional with profits endowment or is it unit linked? I suspect most taken out in 1999 would be the unit linked type (in a with profits fund or otherwise).

If it is unit linked you should be getting unit statements telling you how many units you've got.

The reason its important is that you cannot sell unit linked endowments.

mozie

Thanks for answering so quickly! There is no mention of the endowment being unit linked on my policy or bonus statements, but I guess I’ll need to find out for sure.
Thanks!

turbobob

If it does turn out to be a policy of the type you can sell, if you go here you will find help and a list of companies who will deal with traded endowments - http://www.apmm.org/

mozie

Brilliant - thanks so much!

Dick_here

turbobob wrote: »

I suspect most taken out in 1999 would be the unit linked type (in a with profits fund or otherwise).

The reason its important is that you cannot sell unit linked endowments.

Won't the companies that buy and sell endowments soon be out of business then ?

turbobob

Maybe unless they find another line of business. The bulk of the traditional with profits policies will be maturing over the next 10 years or so, I think.