The traded endowment market exists because over 100,000 people each year decide to sell endowment policy or surrender endowment.
Most policies were originally taken out for 25 years, but the majority of policyholders do not wait until maturity to cashing in an endowment. Instead, for a variety of reasons, they surrender their endowment policies back to the insurance company before the maturity date. In many cases, the endowment surrender values offered by insurance companies are less than the market value of the policies. The advantage of this for the endowment buyers is that the maturity amount is much higher than that yielded from other such interest bearing securities. There may also be a bonus for the buyer if the original owner (who will still be the life assured), dies before the policy matures, as this money is payable to the endowment buyers. Therefore, investors are keen to buy traded endowment policies as part of their investment portfolios. The market exists because there are people willing to endowment cash in and people wanting to buy them for investment purposes.
Traded Endowment Policies or TEPs are old, second hand with-profits endowment policies, legally assigned to new owners who pay the purchase price and future premiums. The life assurance cover of such endowment life insurance policy remains on the life or lives originally assured (that may be the person, selling endowment policy), but all policy benefits on maturity or, an earlier life assurance payout, are the properties of the new endowment buyers. The advantage of the TEP market is that for any with-profits policy, endowment buyers will usually pay a higher value for the policy than the value received on endowment surrender from the provider. Due to the high cost of charges by life assurance companies for early surrendered with-profits endowment policies, there exists a market in which brokers find the best price endowment from customers.
Policies like, ‘With Profit Endowments', ‘Unitised With Profit Endowments', ‘With Profit Whole of Life policies', ‘Unitised With Profit Whole of Life policies' and ‘Guaranteed Stock Market Bonds' have a good market value in general. However, "Everyone with a mortgage endowment policy" says Christine Farnish, Director of Consumer Relations at the FSA, "should be aware that the performance of these products depends on stock market movements."
In 2003, the government estimated that about eight in 10 of the endowment policies then in force were unlikely to pay off the mortgages they were taken out for. Since then, nearly 70% of those facing a shortfall have re-mortgaged, sought financial advice or applied for compensation. However, about 700,000 people had still done nothing about their endowment shortfall. The general rule is that, people must complain within three years of receiving their first "red letter" - outlining a likely shortfall - from their insurance company or lender. Under industry rules, insurers are allowed to ignore complaints made after the time bar comes into play. Specialists say that, ‘2013 will be the peak year for endowments reaching maturity'. Nevertheless, endowment life insurance policyholders now can imagine the future awaiting them and selling endowment policies on time is the best option ahead.
The endowment policy selling process starts when the owner contacts with the TEP brokers. The details are forwarded to the trader who will endeavor to beat your current endowment surrender value. This service is completely free of charge and there is no obligation if you log on to www.bestpriceendowment.com.
Every offer made by Best Price, to sell your endowments, will be higher than the current endowment surrender value offered by the respective life office. If you decide to accept the offer, you simply need to complete the acceptance form and return it to them.
After receiving your offer acceptance letter, they approach your life office to clarify the policy details. The endowment policy buyer then looks to place the policy into a portfolio with other policies. There can be anywhere between 5 and 300 policies in a single portfolio. As soon as the endowment policy is reserved into a portfolio, they will look to complete the sale as soon as possible. The Endowment selling process is as simple and secured as that if you contact an F.S.A (Financial Services Authority) authorized and regulated organisation like Integrity Financial Solutions Ltd.
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