Pensions,
Insurance and Capital Management Selling Endowments (
P.I.C. )
Pensions, Insurance and Capital Management ( P.I.C. ) Selling
Endowments
What
Pensions, Insurance and Capital Management Limited will do
is to check that the details of your policy look right and
then submit the details of your with profits endowment policy
to their list of buyers. This list includes most of the main
buyers in the UK and they have requested the lists.
As
soon as an offer is received, P.I.C. email you with the details.
Normally, all offers are received in five working days. At
the end of that period, P.I.C. will email you the details
of all the bids and if you accept one, they will arrange the
sale for you and help you get the necessary papers together.
In
some cases there will be no bids. There are a number of possible
reasons for this:
Some
insurance companies are more generous in their surrender values.
No bids may just mean that the surrender value is a fair value.
Policies with shorter terms to maturity are generally more
attractive than those with a long time to run.
Policies
that have been running for less than five years are more difficult
to sell. Policies with lower surrender values are less likely
to sell.
If
the surrender value is less than £2,000 the costs of
buying a policy are often too high to allow the buyers to
beat the surrender value.
Obviously,
some insurance policies are more attractive than others to
investors, but this can change quickly. Indeed the market
changes so fast that it is often worthwhile putting a policy
that received no bids forward again after a time.
If
your endowment policy is designed to pay off part or all of
your mortgage you should take advice first.
For
further information on Pensions, Insurance and Capital Management
Selling Endowments visit the Pensions, Insurance and Capital
Management website.
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