Frequently Asked Questions

Why should I use Simply Endowments?

Every month thousands of endowment policies are surrendered back to insurance companies but often it is possible to get a much better deal by selling your policy instead, and that's where Simply Endowments' no obligation endowment selling service can help. Selling your endowment is simple:

• Enter your endowment details into our simple online quote system
• You will be contacted by specialist endowment brokers who will let you know whether or not an offer can be made for your endowment policy
• If an offer can be made, you will receive confirmation of that offer by post as well as information about the steps needed to complete the sale.

Endowment policies can be attractive propositions for investors as they provide a partially-assured rate of growth and a potential eventual value that can make them an attractive investment. You could get up to 45% more for selling your endowment rather than surrendering it, and our service is no obligation, so you've got nothing to lose.

Will I definitely be able to sell my endowment policy?

It depends on the type of policy you have as to whether or not an offer can be made. It is generally only traditional With-Profits policies that are at least five years old that are saleable.

How do I know what type of endowment policy I have?

If you receive bonus statements from your insurance company, you most likely have a With-Profits endowment policy, in which case, it may be tradable on the second hand market. If you don’t receive a bonus statement, your policy may be unit linked which means it is not tradable. You can find our for sure by contacting your insurance company.

Can I sell my Unit-Linked policy?

No, but, it is not necessarily the end of the road. If you have a unit-linked policy, you could have been one of the thousands of people who were mis-sold their endowments. If the risks associated with your endowment mortgage were not fully explained to you at the time you took it out, or you were told that your endowment was guaranteed to pay off your mortgage, you may have grounds to make a complaint - the compensation could earn you money that you didn't even realise you were entitled to.

How long will it take to sell my endowment policy?

The selling endowments process begins when you send your endowment details through to us. You will then receive a call – usually within 48 hours – to let you know whether or not an offer can be made on your policy. If an offer can be made, it will be posted to you for your approval, usually within 3 to 5 days of your initial enquiry.

What information do I need to sell my endowment policy?

You will need a current offer from your life company – current means from within the last 3 months - to buy back the policy. This offer is know as the surrender value. The reason you need the surrender value is so that potential buyers are aware of what your insurance company is prepared to offer so that they can then value your policy for themselves and exceed that offer – by up to 45% more in some cases.

You will also need the policy number and type (only traditional with profits plan can be sold secondhand), the start and maturity date, the gross premium, premium frequency and sum assured plus information about bonuses. All of this information will be found on your last statement. If you do not have one, contact your insurance company and they will be able to provide you with one.

Are there lots of forms to fill in?

No. All you need to do initially is fill in one simple form and we will do the rest for you. Our brokers work with investors who are interested in buying endowments on the second hand market – often investment fund managers and institutional investors from abroad - and will be able to take your policy details to the market to get the best price available.

Will I be bombarded with quotes and information?

No. Once you have filled in the form, we will send you an email to confirm that we have received your enquiry. Our brokers will then get to work, checking the policy to make sure it is saleable and then searching the market to find the deal for you.