So you have an endowment policy you want to sell but are not sure of the best way to go about it. Every year thousands of UK home owners buy and sell endowment policies, in fact there is a secondary market for endowment policies where second hand policies are bought and sold. As a result this has increased the value of endowments as the demand is now greater.
In the past if you wanted to surrender your endowment you had to surrender it back to the insurance company you purchased it from. This was never a financially sensible option as the insurance companies knew you had no other options when it came to cashing in your endowment.
As a result insurance companies made a lot of profit off customers who were desperate to get the cash from their policies. They knew that they could get away with offering endowment policy holders a lot less than they were worth. Selling your endowment could mean that you ended up with less money than your actually paid in and thus lost money.
Thankfully there is a second hand market for endowment policies, this secondary market means that you now have an alternative for surrendering you endowment policy. You can end up getting a lot more by doing this as investors in this market can get a good deal. It means you get more money than you would from your insurance company whilst they get a policy cheaper than elsewhere.
To sell your endowment policy you will first want to get a surrender value from the insurance company you originally purchased the policy from. You then have an idea of how much the policy is worth. Now you can approach one of the many online endowment policy brokers to get you the best quote they can. Different policies such as with profits endowment policies and those without profits will fetch differing amounts. You can then sell at the highest price.
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