Endowments I no longer need

TomB1960

Hello,

We are soon to downsize dramatically and will end up with a small mortgage. Over the years we have accumulated a number of endowment policies which we no longer need. I know one option is to surrender them to the company, but I am also aware that they can be sold on to a third party. Two questions really ....is this the wiser course of action? Has anybody any experience (good or bad) of selling on an endowment policy?

Annisele

Are they unit linked or with-profits endowments? If they're unit linked, then I'm afraid there's no point investigated the option further - you won't be able to sell them to a third party.

silvercar

A third option is to make them paid up - you stop contributing but the fund stays invested until the end of the original term.

dunstonh

If your provider is one of those with a mortgage endowment promise, that would be lost on sale, surrender or being made paid up.