How Do I Sell an Endowment Policy?

Hello Everyone.

After following much advice from this wonderful forum, I am now considering surrendering or selling my seriously underperforming endowment policy.

I have received a surrender value from my provider and I would now like to obtain some quotes for selling the policy.

Could anyone point me in the right direction to finding a safe/honest company that would consider buying the policy from me?

Many Thanks

Crazy Saver :)
If only I knew then what I know now :)
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Comments

  • Hiya Crazy Saver,

    We surrendered our endowment about 3 years ago, but ours was a) less than 7 years old and b) not a "with profits" policy.

    If these don't apply to you then you should stand a good chance of selling!!

    Not sure on any particular companies to sell to... if we could, I think we'd've probably gone with one of the advertised ones like, um... Robin Loyd? Anyway, we'd've probably got ripped off!!

    Good luck :)
    FFW: Weight 06/01/07 11 st 6lbs 01/02/09 - 9st 6 lb

    How do you pick up the threads of an old life? How do you go on... when in your heart, you begin to understand. There is no going back.There are some things that time cannot mend... some hurts that go too deep. That have taken hold.
  • Ian_W
    Ian_W Posts: 3,778 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    Suggest you Google TEP's [Traded Endowment Policies] - you'll get a long list and can fill in online forms to get a valuation or offer. Some companies buy themselves, others offer to investors to bid for but will give you an idea of value.

    Can't recommend a particular company - as none wanted ours!! Grrrrrrr!! :mad:
  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
    All the traders in one spot here:

    https://www.apmm.org
    Trying to keep it simple...;)
  • Beware the ones who say they're making a firm offer but may actually need to spend months finding a buyer - time and money-wasters.
  • All the traders in one spot here:

    https://www.apmm.org

    Thanks EdInvestor.:A

    Wow......you seem to pop up everywhere...where would us mere, naive, mortals be without you... :T

    Thanks Again

    Crazy Saver
    If only I knew then what I know now :)
  • Originally posted by Supernova
    Beware the ones who say they're making a firm offer but may actually need to spend months finding a buyer - time and money-wasters.

    Thanks Supernova.

    Any advice on how to spot these possible time wasters would be greatly appreciated.:beer:

    Crazy Saver
    If only I knew then what I know now :)
  • We have just received an offer from Surrenda-link, very disappointing as it was only £600more than the £16700 that we could surrender it to Standard Life for, is this a common problem?
    earn what you can, save what you can, give what you can :hello:
  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
    A few months ago you could often get a 10% premium on SL policies.However One suspects the price may now have gone down due to competition, as a lot of people are now seeking to dump their endowments after getting their demutualisation windfall.
    Trying to keep it simple...;)
  • dunstonh
    dunstonh Posts: 119,120 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Standard Life are at a bit of a crossroads. No-one really has a clue what is going to happen with the performance of their with profits fund. It could really go either way.

    For a while, it looked like it could recover but the outflows have been bigger than expected (well, bigger than SL expected. Most advisers were predicting it well before DM). Those that remain are disadvantaged by those that leave.

    It still isnt cast iron though as to what is best. SL do have a history of boosting the terminal bonus on maturity on an individual basis to put the policies back on track and plans have matured in surplus that just 3 months earlier where indicating a shortfall.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Ian_W
    Ian_W Posts: 3,778 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    EdInvestor wrote:
    A few months ago you could often get a 10% premium on SL policies.However One suspects the price may now have gone down due to competition, as a lot of people are now seeking to dump their endowments after getting their demutualisation windfall.
    Funnily enough I'm just in the process of surrendering our SL WP policy which no-one wanted to buy - as per post #3. :mad:

    I asked for a surrender value just prior to DM in July and I've written down at the time £15.4k on the last statement. The current surrender value is £16.6k so that leap perhaps explains why there isn't a 10% premium on them anymore. The money the market was expecting to make has actually been put into the surrender value by SL.

    Don't know for sure but I suppose it's down to the DM funds that went into the WP pot combined with the August bonuses. Not a brilliant situation but better than pre-DM. :D
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