Introduction
What is a resale endowment?
A Resale Endowment Policy (REP) is an endowment policy that has been sold by the original policy owner to an investor other than the insurer. They are also known as Traded Endowment Policies (TEP) or Second Hand Endowments. After buying the REP, the new policy owner will pay the premiums going forward.
Is it legal to buy/sell endowment policies?
Yes. The process is entirely legal and will involve a reassignment of the policy, at the insurer’s office. You may refer to this link by Moneysense (a Singapore Government Financial Literacy Program) for an explanation of 2nd hand endowment policies (the sales process, risks, and how to seek recourse).
Resale endowments benefit both buyers and sellers.
The original policy owner gets to extract more cash from his policy (versus surrendering it), while the new policy owner gets to buy a policy with a shorter time to maturity and potentially higher investment returns compared to incepting a new endowment policy.
Our Steps
1) Fill up a form
The form may be found at this link. It typically takes around 3min to fill up. You’ll need your endowment or whole life policy to refer to. If you can’t find your policy, you may seek to get another copy of the terms by calling your insurer.
Call/Whatsapp us at 9180 7546 if you need help in filling up the form.
Each enquiry will be treated with the strictest confidence.
2) We’ll reply in one working day.
Once you’ve submitted the form, we’ll reply within one working day on the policy’s eligibility for purchase and with our offer price. For eligible policies, we will only make an offer that is higher than the surrender value of the contract.
3) We’ll pass you the cheque.
If you accept our offer, we will arrange to meet at your insurer for the policy reassignment. Upon successful reassignment, we’ll pass you a cheque.
Our Pricing
When deciding on our offer price, we consider the following information: the type of policy, the time to maturity, and the premiums paid and due. If you accept our offer, we will verify the information at the insurance company’s office before making payment to you.
We’re looking to purchase resale endowments at a fair price to both parties. As we are saving on overhead costs like office rental and commissions to sales reps, we are confident in offering a better price than the market rate.
Why Us?
We keep our overhead costs minimal. This allows us to pass on the cost savings to you!
You may fill up this form for a no obligation quote.
As always, we encourage our readers to check out other resale brokers to ensure they are getting the best price! Those active in Singapore include REPs Holdings, Purvis Capital, Conservation Capital, Singapore Traded Endowment Policies Specialist (STEPS), PolicyWoke, and TES Pte Ltd.
Contact Us
If you have any questions, do call/whatsapp us at 82880681 or email hello@endowmentexchange.com