Question re cashing-in Standard Life Endowment

joed912

Dear Money Savers,
I'm looking to cash-in my Std Life Endowment policy.

It was started in 1998 as is made up of:
50% Managed Fund
50% Life With Profits Fund

I have found a few web sites that deal in the second hand market (TEP) but they only deal in policies that are 100% With Profits.

Can anyone tell me if it is possible to trade my policy in the 2nd hand market?(if so please can you tell me a phone number or web site?)

If not I will be forced to surrender to Std Life.

Thanks
Joe

dunstonh

Can anyone tell me if it is possible to trade my policy in the 2nd hand market?(if so please can you tell me a phone number or web site?)

Nope. Its not a type that can be sold.

The good news is that the full life fund range should be available on this type of endowment and there are some first rate funds available on this type which have far greater growth potential than the with profits fund.

joed912

Thanks for your reply Dunstonh,

Are you saying I can switch the funds?
Joe

dunstonh

Yes. They have some pretty good funds available to you and a switch can turn the endowment from poor potential (which it is now) to very good potential.

joed912

Thanks dunstonh. I think I'll reconsider cashing it in.

dunstonh

Ask SL for a funds list and cost of switching. They should come back and say first switch each year at least is free. You should be able to build a decent asset spread with the SL funds as well. I amended a forum members SL fund spread just over a year ago and reviewing it last week it showed a 40% increase in the year. If you arent comfortable doing that yourself, ask an IFA to do it for you.