Offers on endowment policy? Which 2? Please help.

Shopkeepers_Delight

We have decided to sell our endowment policy, held with Clerical Medical.

Rang the Association of Policy Market Traders and sure enough 6 offers have come in.

All offering more than Clerical Medicals surrender value. (of course).

The best two are Policy Plus and First Policy, so we are thinking to sell to one of these. Both are offering the exact same amount. First Policy did a price match.

Just wondering if anyone else has used these companys and what are their views, experiences of them. Or regardless of being offered in the region of £1700 more than Clerical Medicals surrender, is it best just to surrender or sell.

All your views will be greatly appreciated as it is all just getting to me now and time is running out!

Cheers x

JoeK_3

You should read the literature from both companies and ensure that they are willing to buy the policy and not market them for you.

Having checked that and you are satisfied that they are buying the policy, then you can safely proceed.

Selling is always more favourable than surrendering but do remeber that if these companies are interested in buying them, they could also be of more value to you.

JoeK

Shopkeepers_Delight

Yes, it does seem they are willing to buy themselves, which I thought was favourable.

Thanks for your reply.

mrmcdean

Not all firm offers are the same...

Ask them whos buying the policy, if its them you should be OK, if they dont have a buyer then take that into consideration. If its a firm offer with a buyer in place the sale should take about 4 - 5 weeks, if you're quoted longer then it may not be a truly firm offer.

markdirect

Hi

Just seen your message. You need to post some endowement policy details in order to determine whether you offer ok. In my experience I would not accept first offers, and aim for a minimum 20% above surrender. I've achieved offers of 30% above surrender but this before all publicity about the possibility of under performance of these policy's . Who have you contacted?

Shopkeepers_Delight

Thanks so much for your advice.

Today I am going to ring Policy Plus and First Policy and check all details before jumping in, going on what has been said I may just try and push the price up.

I am about 20% up on Clerical Medicals offer, all but £200, so not so bad.

Oh the joy of life.

Cheers

Ziggy_Stardust

Just wondering how you got on, I've had a letter from Policy Plus saying they will match any other offers I've had in although I'm not too sure, usually I don't "play" these games though.