Surrenda-link and The TEP Exchange confirm that they are buying endowment policies from both IFAs and the general public and that the market for Traded Endowment Policies (TEPs) is still strong.
Paul Sands, Chief Executive of Surrenda-link comments: "Reports that Market Makers are no longer interested in buying policies are simply not true. The amount of policies traded may not be at the peak level it once was, but of late the purchase of policies has once again gained momentum. Selling a
policy rather than surrendering is still a valid option for many endowment policy holders and they should be informed of this opportunity."
To obtain a quote for the sale of a policy The TEP Exchange
(www.tepexchange.com) is an excellent new option available to policyholders.
This AIM quoted company is an online trading platform for TEPs. Although previously only available to IFAs, it has recently opened up its service to individual policyholders.
Through the TEP Exchange (www.tepexchange.com/public), policyholders can submit details and will receive an instant online quote from several Market Makers for the purchase of that policy. If the policyholder decides that selling is the most attractive option, the highest quote can be accepted.
With no obligation, this is a quick and easy way to investigate the option of selling and one which has already been taken up by many IFAs.
Sands discusses further the current purchase of TEPs: "As a Market Maker, Surrenda-link are actively buying policies. We look at a broad range of policies, and provided that it is a with-profits policy with a value above £3,000 that has been in force for more than 6 years, Surrenda-link will consider the policy for purchase. As adviser of several investment funds based on Traded Endowment Policies, we continue to purchase policies to
fulfil the ongoing investment demand."
There remain many cases where policyholders will receive a better deal by
selling their policy than surrendering it to the life office. It is now
quicker and easier than ever to be able to obtain a quote for a policy, which makes selling a policy an option well worth considering for many policyholders.
