Selling Standard Life Endowment Policy

maggiesoup

Hi, wonder if you guys can give me your comments on this. I am going to cash in an endowment policy I have with Standard Life however when I called SL they told me I could possibly get more by selling it on. They gave me the name of a company to call EPMM (?) and the girl there took my details, told me around 6 companies are given this information, and I would hear back from anyone interested in buying it.

Can anyone tell me if I have to pay a fee for using this company (I mentioned it to the girl but she kind of side stepped the question). Or indeed if anyone knows of this company. Any advice gratefully received. Thanks.

hedgehunter_2

Maggiesoup

I think you have mis heard the name. The company you want is APMM which stands for the Association of Policy Market Makers (who are the trade body of the Traded Endowment Companies who buy and sell endowments)

You can find them on the web, and if you fill in their form with the details they require, if your policy is suitable, they will pass your details to 5 or 6 of their members, who may be able to offer more for your policy than surrendering to the life company.

Always consider that if someone is willing to pay you more than the surrender value someone must think it is worthwhile to do so. Also consider the life cover you are giving up, and any guaranteed benefits that are available at maturity. If in doubt seek independent advice before you make your decision to sell to them.

I hope this helps

dunstonh

I think HH is correct. I would be surprised if Standard Life were to recommend any company as their call centre staff are not authorised to do so. Telling you to investigate selling rather than surrender would be logical as well. Standard Life endowments rarely include terminal bonus in their projections, they are notorious for under stating the likely maturity value and there is still a potential mortgage promise value on maturity. These sorts of things make the endowment desirable on the TEP front.

EdInvestor

https://www.apmm.org

Standard endowments seem to be attracting a small premium at the moment, around 5-10%.

maggiesoup

Thanks to all. A friend was telling me that private investors sometimes pay more but he was unable to advise where I could source them. Any ideas?

EdInvestor

As above.The TEP traders are the private investors.

jubarnes26

Has anyone on this site actually cashed in their endowment? If so how much more did you get for it?

I've received my statement this morn and my 14 year endowment is worth just under £8,000. I too was thinking of selling it on and put the proceeds into a high interest account but having read threads I'm not sure now. it's supposed to mature in 11 years and supposedly at £29,000.:rolleyes:

Either way i know i need to make other provisions

What does everyone reckon,

JB

dunstonh

Has anyone on this site actually cashed in their endowment? If so how much more did you get for it?

Its highly unlikely anyone will have an endowment that was taken out with the same provider, same investment funds, same date, same timescale, same amounts.

A comparison between different providers/funds/times/dates etc would be pointless as you could be comparing a good endowment with a bad one.

What does everyone reckon,

We need to know the data about yours to give an opinion.