Selling endownments

j.treasure

I am looking for someone to advise - I have a 25 year endownment policy with Royal Sun Alliance (Phoenix) that has run for 12 years. I would like to consider my options through seeking a market rate for selling the policy, but would also like to keep costs down. I have been through TEP exchange but have had no interest from the market - could someone advise a reputable IFA who they have used to sell an endownment policy.

Any advise is most welcome.

PS Financial details are surrender value of £6583, profits of 2312 (at end of Dec 04) and basic sum assured of £14091 (exc profits). Hope this helps

dunstonh

No-one is likely to touch it. Endowments on the closed with profits funds owned by venture capital companies are not very desirable.

For someone to buy it, they believe that the endowment is good enough to keep. They are taking advantage of the stockmarket crash and people getting scared and kissing goodbye to good endowments because they know no better. However, they are not interested in the low solvency, high charge funds which have little chance of offering anywhere near decent returns in the time to maturity.

EdInvestor

j.treasure wrote:

PS Financial details are surrender value of £6583, profits of 2312 (at end of Dec 04) and basic sum assured of £14091 (exc profits). Hope this helps

Agreed, noone will buy it.

Should you surrender it?

Post your monthly premium and maturity date.

When you say "profits" above, do you mean declared annual bonuses, that is the total guaranteed value is (14,091 + 2312) 16,403?

ScoobyZ

I have a pheonix endownment and am in the process of selling it for 8% more than the surrender amount with surrenderlink.

A couple of places offered more than the surrender value, and two didnt want to know. Worth filling in the forms online to get some quotes.

dunstonh

Scoobyz, have they got to the point of actually formally agreeing to do it? A couple of posts in the past have suggested that companies that initially agreed to buy them, later pulled out once further information was submitted.

j.treasure

dunstonh - your response doesn't thrill with confidence but wasn't very confident to start with.

However, keen to understand all my options, and with surrender value options from EdInvestor with monthly premiums of £55 and maturity date of 2019, if this helps.

Thanks to you all for your comments, including ScoobyZ - hope your sale goes through smoothly and will give surrenderlink a look.