How Does This Work?
For your life and endowment policies, there is always a surrender value if you decide to terminate/surrender/ cancel before the policy maturity date. It is based on this sum that we will offer and pay a premium above it.
Once the price is agreeable, we will proceed to transfer the ownership of your policy to us. All the rights and obligations of the policy, including the future premium payment, will be passed on to us after the assignment.
We will make payment to you immediately upon completing the necessary paperwork at the insurer’s office.
Points To Note
We do not encourage people to give up their existing insurance policies.
However, we do understand circumstances and financial goals might change in life which will render some of your policies to become obsolete, irrelevant or even useless.
Even though you can continue to service the policy, it may not meet your long term goals or solve your immediate financial needs. It is then we may have to see how best to exit the policy.
One important point to take note is that you will stand to lose out on any insurance protection covered under the policy once you sell it away. However, this will be no different from when you surrender a policy. It is therefore vital that you maintain adequate insurance protection with your other existing policies.
FAQ On Selling Policy
Insurance policies are stable assets for wealth accumulation. By taking over policies that have been continued till mid-way, the company saves time compared to starting a new policy and therefore will be willing to pay a premium above the surrender value.
Most insurance policies are generally assignable. However, the company only buys in whole life policies, endowment policies and selected insurance policies with cash value.
Upon furnishing the policy details to us, we will conduct an assessment of the policy to give you an offer price. After that, we can meet at the respective insurance company as soon as the following working day to complete the assignment process which will take approximately 30 minutes.
The default payment will be Paynow/Bank transfer to you immediately after we have completed the assignment forms at the respective insurance company.
You will just need to bring along your NRIC if you are a Singaporean/Singapore PR. You will also have to bring along the original policy certificate/booklet to handover to us.
Once the assignment papers has been submitted, the responsibility of servicing the future premiums payable under the policy shall rest upon us.
There’s no issue on selling these policies to the company if we have assessed them to be suitable. You could still get higher payment and more money by selling to us.
The risks by selling your policy are almost similar to surrendering/terminating it. You may or may not incur some losses, but you will certainly lose all the insurance coverage that comes with the policy.
We will quote our offer price based on your policy information given. It is usually valid for a week but there is strictly no obligations on the part of the company to buy in the policy. We reserve the right to revise or withdraw the offer at any point in time.