If you do decide to part with a policy and you are not selling it back to the original issuers, ask for a statement of 'funds' and completion and payment deadline. This letter ensures that the company has the funds to pay you and that you both have agreed a 'time scale' to complete the transactions with payment. This will give you protection when you sign and return the 'Absolute Assignment' agreement which cannot be dated at the time of sending.
If your Endownments are attached to your mortgage, it is VITAL that you arrange insurance to cover the period when selling and the time it takes to clear the monies into your account or when paying to either 'clear' or reduce your mortgage. If you fail to do this and a death happens, then the gross value of the endownments has to be found and paid, irrespective! This could be many thousands. Get life insurance first, it costs very little, and then continue the sale.
Companies usually require other documentation Stamped and signed by either Solicitor, Doctor or Employer (we advise you use a solicitor).
Documentation as follows..
1). Copies Birth Certificate/s, and if married, a marriage certificate.
2). Letter from Insurers and Building Soc/Bank to which endownment is attached, stating they no longer have an interest in the policy or policies. If they have an interest (ie mortgage), they must be informed and consent obtained.
3). The original endownment policy (schedule), make sure that you have a copy.
4). Original documentation of all previous assignments.
5). The policy's death benefit, last payment made, Bonuses to date etc.
6). An original utility bill. This can be a Gas, Electric or Council Rates bill.
7). Two references (can be family members, friends etc, preferably not at the same address) who will be contacted from time to time, over the life of the policies, to establish if you (the seller) are still alive or not. This is for the 'Death' aspect of the endowment.
8). And finally, you will also have to sign and have witnessed (not dated), the 'Absolute Assignment' agreement. Remember, we advise a solicitor to witness this.
When sending all the documentation, do it by 'Registered Post'. It is for 'Peace of Mind'.
Search for Independant Financial Advisors.
Here are some brokers for you to try.....
Companies need the following information before you can get a quote on the redemption price:...
Name of issuing insurance company, Policy serial number, Start date of policy, Policy initial value, Term of the policy (Maturity date), Total bonuses attached, Date of Bonus notice, Surrender value. |
