Best Price Endowment > Sell Your Endowment Policy > Guide To Selling Your Endowment Policy

What happens next?
The solicitors, acting on behalf of the buyer, will contact you during the transaction with requests for documentation, clarification of any issues as required and to provide you with updates, when necessary. The sale of an endowment policy is a complicated legal process so clients need to put everything in writing to us either by fax, email or post. Please quote the reference number on all correspondence.

When will I receive the cheque?
Please refer to the Terms & Conditions, which explain the marketing procedure, and why we are unable to offer timescale guarantees.

A number of factors dictate the timescale involved, for example; the time taken by the life office to reply to the buyer's enquiries, replies from banks/building societies/other lenders to whom the policy is attached. Delays can also occur in obtaining notices of release from previous lenders. All these factors must be taken in to consideration as they directly affect the timescale. We will of course help out in everyway possible to speed this part of the process up. The buyers that we send your policy to all have solicitors who deal fully with the transaction. The ownership of the policy will not be transferred until the same date your money is sent to you.

When do I stop paying premiums?
It is vital that you continue to pay the premiums until completion of the policy sale. It is important to ensure that the policy does not lapse through non-payment, as the reinstatement could cause delay in sending your cheque as the life office may require the completion of a 'Declaration of Health form'. Certain buyers may reimburse any premiums paid by you from the date of receipt of the offer letter by Integrity. This will be confirmed to you in due course, depending upon the buyer selected.

What if I have lost the original policy document?
If the original policy document has been lost, it can affect the purchase of the policy. However, in some cases with the sole exception of Standard Life policies it will be necessary to provide a replacement policy NOT A COPY.

If you have lost the Original Policy Document you should contact the relevant life office, who will advise you on the procedures in obtaining a replacement policy. Please also let us know at the start so that we can discuss the options available to you.

What is age admittance?
Age admittance means your life office have received proof of your date of birth. If age has not been admitted or proven then you will need to supply a copy of your birth certificate (or current passport) and marriage certificate (if applicable). 2 copies of each document must be certified by a professional person, including their company stamp. The solicitors can confirm what is required.
Age has to be proved for all lives assured even if the legal ownership of the policy has been transferred or sold to a third party.

What will be required if the ownership of the policy has ever changed?
We will require the original Deed of Assignment for any ownership changes that have been made. For example, where the policy has been transferred from joint to sole ownership. We will also require referee forms for the original life assured. It is essential that we are supplied with the full names and DOB for all past and present lives assured.

Why do you need Deeds of Discharge or letters of no further interest?
If you have used the policy as security for a loan or mortgage then the buyer has to obtain confirmation that the loan has been repaid. This means they may require evidence of that fact by way of an original Deed of Discharge or a letter from the lender. If the policy has not been used as security for a loan or mortgage, this information is not required.

Please note that requests for documentation are dictated directly by the life office requirements.

Please also note that some lenders will not release their interest until any outstanding funds have been paid off.

What about current loans?
If the policy has been used as security against a current loan the seller will have to make the necessary arrangements to clear the outstanding debt. Alternatively, the buyer may repay the loan at completion and send you the balance of the purchase price with the loan deducted.

Why make a bankruptcy search?
One of the most frequently confusing and misunderstood issues is the requirement to make a bankruptcy search against the policy seller. This is to ensure that the seller is fully entitled to receive the sale proceeds. The search has to be made at or very near to the completion of the purchase. It cannot be made earlier in the transaction as the most up to date information is needed just before the policy is paid for. In some cases the solicitors will require you to complete a legal statutory declaration confirming you are not subject to bankruptcy.
Please note that in some circumstances policies can be purchased from a bankrupt person with the approval of his/her Trustee in Bankruptcy.

Thank you for taking the time to read these notes.