Endowment surrender allows you to reclaim some of the value from your endowment policy by surrendering it back to the insurance company that sold it to you. The amount you receive when you surrender your policy is often significantly less than the actual value of the policy, but if your personal circumstances mean that you have to free up some of the capital you've invested in the endowment policy, you may feel like you have no choice but to accept the reduced amount offered by endowment surrender.
Don't Surrender Your Endowment - Sell It!
Many people who opt for endowment surrender are simply not aware that there are other options available to them. There is now a legal requirement for insurance companies to notify customers that endowment surrender is not the only way to recover value from their policy.
When you sell your endowment you could receive up to 35% more than the endowment surrender value of your policy. Provided your endowment is a sufficiently mature with-profits endowment policy, finding a buyer for your endowment policy is simple.
Endowment Selling Vs. Endowment Surrender
So if you need to convert your endowment policy into cash, make sure you look into selling the policy before you consider endowment surrender. Endowment surrender should always be your last resort - if you want to maximise your return from your policy, it definitely pays to be aware of all your options and look into how to sell your endowment policy. Endowment selling has become increasingly popular in recent years, and you'll find the process is much more straightforward than you might have thought. Some companies will tackle all the legal paperwork for you completely free of charge; they will even talk to the life company on your behalf once you have provided them with a simple signed authorisation.
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