Selling Endowment to Friend?

motch

Hi

Can an Endowment policy be sold on to a friend - rather than surrending it or selling it to another company?

dunstonh

If the friend is stupid enough to buy it, yes.

motch

I'll post a bit more info..

Cooperative Endowment I think its with profits, started approx april 98 £32.60 per month for a £19,000 mortgage guarenteed for £9000 ish
been running approx 8 years 9 months. surrender value £3330. I havent enquired about selling it on to a firm as yet

now my thinking is that the value would be worth more after 10 years (i've read its often the time when more/higher bonuses are added)

I was just wondering if it would be viable or worthwhile a friend buying it as a savings investment? or to sell after 10 years, as I could do with paying off some credit cards/loan

any thoughts welcome

motch

just to add - My mortgage is now a repayment so no need for it to pay it off

dunstonh

CIS - I wouldnt touch it with a barge pole. If you still want them to be friends with you, dont sell it to them. Friends wouldnt do that

There are a few valid reasons for going with a third party endowment but its unlikely your friend would fit in with those reasons.