Selling your Endowment key issues

  1. Ascertain the type of policy

    2. It is very important to determine the original type of policy that you hold.
    1) The easiest way to found out is to look at the original policy document. NOT the latest statement as this may come from a new policy administrator. E.g. Commercial Union is managed by Aviva.
    The reason for this is the underlying bonus rates from which prices are calculated are different per original life Office.
    2) Phone the Life Office as the majority of Life Offices will supply this information over the phone following a few security checks.

  2. Latest Figures

    3. Three key figures are required. The easiest way to get these are by phoning the Life Office. Unfortunately the Life Office will not provide this information unless you specifically ask. Mad I know!

    1. Basic Sum Assured
    2. Reversionary Bonus
    3. Surrender value

  3. Commitment

    4. All the market makers are FSA regulated so the usual rules apply but in general you are only committed once you sign and send back documents.

  4. Money Laundering

    5. Due to FSA regulations money laundering checks will be carried out, hence the need for specific documents described below

  5. Document
    • THE ORIGINAL POLICY DOCUMENT
      • A copy of the document is generally not sufficient. If you do not have the original policy, it could be with your previous/current lender or your solicitor. Please contact them in order to have the document released. If you have mislaid the policy document, please contact the market maker immediately so that we can advise whether you need to obtain a replacement policy /indemnity from the life office. The following Life Companies do NOT require original documents:
      1) Clerical Medical 2) Prudential 3) Scottish Amicable 4) Standard Life 5) Scottish Widows
    • PROVISION OF REFEREES
      • Details of 2 people who the market maker can contact from time to time to verify your well-being or should we need to contact you.
    • ANTI- MONEY LAUNDERING DOCUMENTATION
      • You need to provide money laundering documentation to comply with European Community requirements. Original or certified documents – NOT PHOTOCOPIES. These can only be certified by an authorised person
    • CERTIFICATE OF NON-BANKRUPTCY
      • This needs to be completed to confirm that you have not been made bankrupt nor has a bankruptcy petition ever been presented against you.
    • PROOF OF AGE and CHANGE OF NAME
      • You will need to provide original/certified birth certificate, driving licence or passport to confirm age/s for all lives assured on the policy. If the name on your policy is different to the one you are using and you do not have an endorsement from the Life Office confirming the alteration, you will need to supply your marriage certificate or deed poll to confirm the change.
    • PREVIOUS ASSIGNMENTS OR LOANS
      • If your policy has ever been used in connection with a mortgage or loan, you will needed to show that the lender no longer has an interest in the policy. If your policy has changed from joint to single ownership, we will need the Reassignment Deed which registered the change of ownership at the time.