Find out how much your endowment is worth
Do you have an endowment policy that is underperforming and you are looking to sell? Thanks to the recent financial crisis, more and more Britons are finding themselves in this position and figuring out what to do. Before you sell, it's important to look into how much your endowment is worth, and we've got all the info you will need in this blog!
An Endowment, is regarded as a life insurance contract that will pay a lump sum to you after a specified term (when it matures) or upon your death. Typical terms for one of these policies can be anything from ten to 20 years. You can even get policies that pay out in the event of critical illness. As these policies have an intrinsic value, it is possible to sell them on to a third party if you run into financial difficulties.
The market for these policies is called the TEP Market, which stands for "Traded Endowment Policy", and more and more companies are offering this service. Before you sell, it is worth noting that if you pass on the policy, you will lose any Life Insurance that you had.
Pricing your policy is a simple matter of asking your insurance company for a "Surrender Value" which will let you know how much you could expect to fetch on the TEP Market for your policy. If you are looking for an easy way to compare the prices being offered by different TEP traders, then check out sellingmyendowment.co.uk for a kind of insurance comparison experience.