endowment policy buyer is on 0208 732 4071 waiting to assess your endowment policies tradable value
click here to sell your endowment policy
|
DAILY MAIL – 9th
May 2001
“NO
SURRENDER – JUST SELL” - (MONEY MAIL) Insurance companies
have been ordered to tell endowment policyholders that they could get a
better deal by selling their policies rather than surrendering them.
Homebuyers cashed in policies worth a total of £2bn last year after
receiving letters warning them that on maturity these endowment policies
might not cover their outstanding mortgage. Most did not know that they
had the option of selling them on the open market. The Personal
Investment Authority (PIA) has told life companies that they should
inform customers wanting to get rid of their policies about the
alternatives to cashing them in with the provider.
DAILY EXPRESS–
August 2001 “ENDOWMENT
SALE CAN GET YOU OUT OF DIRE SITUATION” A distressed reader wondered about cashing in one of her few assets – an endowment plan. In her mid fifties, recently separated from her husband, with a low income and next to nothing in savings, she was getting desperate. As the plan still had a number of years left to run – and endowments tend to perform (if at all) only in their closing years – I said it was not a good idea to cash it. But desperate circumstances sometimes call for desperate measures. Readers left with little option but to sell their plans are advised to go first to a traded endowment company that specialises in buying and selling these once popular investments. DAILY EXPRESS - 22
August 2001
“SAVERS GET HELP FROM WATCHDOG” Customers looking to surrender endowment policies back to their insurers will now be told of a potentially more lucrative way to get rid of them – by selling them.The Financial Services Authority yesterday set out rules which will force life insurers to tell endowment customers they may be better off selling to other investors. THE DAILY TELEGRAPH – 3rd February 2001 “SELL THAT ENDOWMENT POLICY – WITH PROFIT” Warnings about possible shortfalls on with-profits endowment mortgages have caused thousands of homebuyers to cash them in prematurely. Many have received thousands of pounds less than they might have obtained because they did not know they could sell their policies on to other investors. Instead, they have simply surrendered them to the life assurance Company. Now pressure is growing for all life assurance companies to give customers information about their options when they ask about the value of their endowments and are planning to surrender them. Already many of the leading insurers are providing this information but some of the smaller companies are still dragging their feet. The Financial Services Authority recently asked the Personal Investment Authority to look into the situation and it is thought a change in the official guidelines will be made in March. Policy market makers sell the policies on to companies running investment funds based on them, pension fund managers and private investors. Sometimes they are auctioned to the highest bidder. The Association of Policy Market Makers claims that, on average, its members pay 15% more than the surrender value – sometimes more than a third. Life companies counter that the reason they offer less is because it is not in the interest of other policyholders for them to match the higher prices. EVENING STANDARD –
March 1999 "A POLICY THAT COULD REALLY PAY" Divorcees, the unemployed and the retired are missing out on a pot of gold worth £77m. As many as 100,000 people a year who cash in a with-profits endowment life insurance policy - many facing an urgent need for cash - could pick up an average of £1,300 each by selling them instead of surrendering them to the insurance company which first sold them. It means large numbers of endowment holders, mostly borrowers, are being milked twice by insurance companies, first in commissions and then in derisory surrender values. Lee Portnoi, chairman of the Association of Policy Market Makers, the trade body for professional traders in endowments, is working hard to educate the punters, but it is an uphill task. Less than a third of the £1 billion policies surrendered every year, which could be traded, are actually sold.
Mortgage Arrangers, Equity House, 225 Hatherley Road, Cheltenham Gloucestershire GL51 6HF |
|
|||||||||||||||