Do I sell my endowment or just cash it in

Pinky9

I have an endowment policy which I need to cash in - do I sell it - and if so how - or do I just contact the Company and take the cash value. I need the money as soon as possible!

Please help?

Thanks,

Pinky

EdInvestor

Hi Pinky,

Some endowments can be sold but not all. Look up "TEPs traders" in Google for companies that do this business and ring for a quote.If they are not interested, then surrender back to the insurance company.

If your endowment is a Standard Life With-profits one, you should be aware they plan to demutualise next year and if you sell now you will miss out on a windfall.

dunstonh

Or do you keep it as it may not be a bad one or do you make it paid up because its the cheapest option?

ReportInvestor

The OP said he had to realise the cash, dh.

zzzLazyDaisy

I have a Sun Alliance (formerly Royal Life) endowment.

I have made it paid up, but I need to cash it in.

It has 6 years to run (but it is only a small one, the paid up value is £8000)

Is it worth trying to find a buyer or should I just surrender it?

EdInvestor

Lazy

Unlikely to be able to sell an R&SA endowment.

Pinky9

My policy used to be with Woolwich and is now Barclays Life - it still has 11 years to run and was meant to be worth £40K if I paid for the full 25 years but the projected value is £23K. I know it is only currently worth about £8K but a messy divorce and a pain of an ex husband means that I need it for Solicitors fees! It is in my sole name and had been running for 6 years before I met my ex.

Pinky

EdInvestor

Pinky

This is likely to be a unit-linked, not a With-profits endowment, and thus you won't be able to sell it, surrendering it in is the only option. Sorry to hear about the divorce hassle.

Pinky9

Thanks Ed. Yes - the only winners in my case are going to be the Solicitors! It's costing me a fortune (which I haven't got) but I cannot afford not to get legal advice. I am now entitled to Legal Aid (or whatever it's now called) but I have to settle my current bill! Hence the need to cash in the endowment in the first place.

Pinky