We’ve launched Endowment Exchange!

We have launched our sister website – Endowment Exchange! And we’d appreciate any help we can get from our IQ readers!  

What we do: We buy over existing endowment policies from individuals, and pay more than what is offered by the policy’s surrender value! The process is entirely legal.

We need your help!

If you know someone planning to surrender their endowment policy, please let them know that they can potentially get a higher price by selling to us! It takes 3min to get a quote from us! Alternatively, we’re on WhatsApp at 8288 0681.

If you know an insurance agent, please let them know that we provide a rebate for successful referrals! They just need to drop us a WhatsApp at 8288 0681.

Our Facebook & LinkedIn

Separately, here are the links in case the images above don’t work:

• Endowment Exchange Website: EndowmentExchange.com
• Endowment Exchange Facebook: https://www.facebook.com/EndowmentExchange
• Endowment Exchange LinkedIn: https://www.linkedin.com/company/endowment-exchange/

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1) Case Study: Illustration of an actual policy’s surrender value

In the below example, we show what the surrender value is like for an actual endowment policy, which has a 24-year policy term. This policy was incepted on 29 September 2002 and set to mature on 29 September 2026. The annual insurance premium is $933.

• If the policy owner had decided to surrender the policy on 29 September 2020 (18 years after policy inception), the surrender value was $16,636 (bottom-right cell in the table below)
• This surrender value is unattractive to the policy owner and it is even less than the cumulative premiums of $16,794 paid by the policy owner since the policy was incepted in 2002

In most circumstances, the policy owner would be better off continuing to service their policy to maturity. However, we do see instances where policy owners may still choose to surrender their policies. Reasons could include:

1. Urgent need for cash
2. Do not wish to pay future premiums
3. Change in personal circumstances and goals
4. Sees a better investment opportunity elsewhere

In such cases, the policy owner should consider getting a price quote from us to extract more value from the policy. The process is fast and straightforward, as you will see below.

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2) Our Purchase Process

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 8288 0681, 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 current 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.  

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3) Commonly Asked Questions

What types of policies do Endowment Exchange transact in?

Endowment Exchange currently transacts in endowment and whole life policies, issued by insurance companies in Singapore.

Is transacting endowment policies legal?

Yes, a policy owner is allowed to transfer the ownership of the policy via what is known as an “absolute reassignment.” The new policy owner will own the rights, benefits and obligations of the policy thereafter.

In other countries such as the UK, it is actually mandatory for insurers to tell policy owners about the existence of the Resale Endowment market, so that policy owners may obtain the best possible price.

To help put your mind at ease, Moneysense (a Singapore Government Agency Website) has even written about this topic. You may refer to this link for their independent explanation.

What happens if the “life assured” becomes deceased, after a policy has been reassigned?

If made aware of this event, the new policy owner may contact the insurance company for a pay-out. The payout benefit will belong to the new policy owner in such a situation. If the life assured has passed on and the new policy owner is unaware, the policy will continue on to its maturity.

What are 2nd hand endowment policies?

It is an endowment policy that has been sold by the original policy owner to an investor other than the insurer. They can also be called traded endowment policies (TEPs) or resale endowment policies (REPs).