There has been much talk about endowments over recent years, especially in terms of possible shortfalls where mortgages are involved. There has also been a vast amount of publicity about the benefits of selling your endowment rather than cashing it in or surrendering it.
Many people are sceptical of selling their endowment because they don’t understand what is involved and don’t really want any more hassle. They think the easiest thing to do is phone their insurance company and cash in the policy. Well, here’s a story that might make you think twice about selling your endowment. Recently, a client used our online endwoment selling valuation service for her endowment policy. All she had to do was input some details of the policy and submit them for a valuation. By pressing one button her policy was submitted to a number of companies that are in the market to buy endowments. When the valuation came back she was offered slightly more than the surrender value quoted by her insurance company to cash the policy in. This client then telephoned asking if it was a good deal.
One of our advisers submitted the policy details to a number of other companies, just to make sure the client had received one of the better offers around. Insurer's Fight To Buy The Endowment Two other companies were interested in purchasing the policy and the client decided to go with the highest offer, found by one of our advisers. Then, the other interested company came back and offered more for it! Our client accepted the offer.
So, just how much more did our client make over the surrender value? 33.33%! The amount offered by her insurance company to cash the policy is was £6,600. The policy dealer’s final offer was £8,800! So, if you’re thinking of just cashing your policy in, why not give us a call or try our online valuation service. It only takes a few minutes to complete and you could end up thousands better off.
As most people will know, not all endowment policies are suitable for selling but it is definitely worth finding out before surrendering.
If you would like to talk to one of our advisers about your endowment policy either go for an on line valuation now or contact us or telephone us on 01543 677444.