Selling Endowment FAQ Your frequently asked questions answered
- How long does the selling endowments process take?
- Can I sell any kind of second hand endowment policy?
- What documents do I need to sell my endowment mortgage?
- What is a Traded Endowment Policy or TEP?
- What is a With-Profits Endowment Policy?
- Where can I find more information about selling endowments?
How long will it take to sell my endowment?
Each case is different but as a general rule after accepting an offer to sell your endowment, it normally takes 4 weeks. If you are ready, you can offer your endowments to potentail buyers here.
What documents do I need to sell my endowment policy?
The original policy document and proof of identity are the most important items that you need to produce.
What is a Traded Endowment Policy or TEP?
An endowment policy is an investment vehicle designed to run in line with your mortgage. The conventional with-profits endowment policy becomes a TEP when the original policyholder sells the endowment before it's planned maturity date arrives.
What is a With-Profits Endowment Mortgage?
A with-profits endowment mortgage is basically a contract written by a life insurance company who agrees to pay the named policyholder a fixed amount on maturity known as the basic sum assured. The endowment also accumulates bonuses that are declared annually in writing by the issuing life office. As this is a form of contract you the policyholder are bound to pay your monthly premium for the contract to survive to it's maturity date.
How will I know if mine is a With Profits Endowment Policy?
If you receive an Annual Bonus statement from your Insurance Company then you have a With Profits policy.
Can I sell my unit linked policy?
No. However you can apply to claim endowment compensation for a missold endowment here.
Some more useful information about selling endowments?