Key Points
- You may be able to get more for your policy by selling than simply surrendering.
- The criteria for policies that can be sold is given below
- To go straight to the application form, click here
- Check your policy fits the selling criteria.
- Fill out the application form.
- Your details are then passed on to the Association's members.
- You should hear from those members able to offer more than the Surrender Value for the policy within 5-7 working days.
- To accept a quotation/offer, contact the particular member.
- Once this has been done legal assignment then takes place.
- The money will be paid to you once this is completed.
Selling Criteria
The policy must:
- be a with-profit endowment or whole-of-life, not a unit-linked or pension policy.
- have been running for at least one third of its full term or five years, whichever is greater.
- have the latest bonus information available – ask your Life Office if you do not have an up-to-date statement.
- have an up-to-date surrender quotation from your Life Office: approximately £1,000 minimum surrender value required.
