If you are considering an endowment policy surrender then you need to first arm yourself with all the facts. When selling your endowment policy having the right information can mean the difference between getting a better price for your policy or not.
The best way to sell endowments is the method that will get you the best price. There are many reasons people decide to cash in their existing policy but they all end up wanting to know is it worth continuing to pat into an endowment policy or is it worth surrendering endowment policies. You can have more than one policy.
You have several options for endowment surrender, in fact surrendering your endowment policy used to be your only option. To make the best decision you need to be informed with all the facts regarding your policy.
It may be your best option to make your policy a paid up endowment. This option is if you do not want to continue to pay your premiums as the policy is not performing too well but you do not want to surrender it. You may want to invest the money you were paying in premiums or just save it in a bank account ready to pay off your mortgage.
Another option to consider is endowment surrender, this is the traditional option for people who want to cash in their policy. To do this you will have to contact your insurer, that is the people who sold you the policy in the first place.
They will be able to give you a surrender value, this value will be calculated on several factors including how much has been paid in and the current value on the stock market. You may not get back what you have paid in over the years if the policy has not performed well.
If the policy surrender value is not what you expected then you can sell the policy on the secondhand endowments market or secondary market for endowment policies as it is known.
A broker will be able to give you a buy price based on what the buyers on the market are willing to pay. Again the price will be decided on the open market but you may end up getting a higher value than you would if you had gone for an endowment surrender.