How to Sell Your Endowment Policy

You will be under no obligation to proceed with the sale of your endowment policy at any of the online offer stages. You will not be committed until you have signed the contract of sale and it has been sent to the Market Maker's solicitor.

You will receive the full price offered by the highest bidder on completion of the policy sale with no further deductions, costs or fees.

To begin the sale process simply click the "instant quote" button to open the quotation form. Complete the quote form using the information contained in your endowment policy document and click the "proceed" button to generate an offer for your policy.

Depending upon the type of endowment policy you have the sale will continue in one of three ways:

1. Instant Auto-offer
You will get the highest offer from the TEP Exchange member Market Makers directly on your screen in seconds. If you wish to accept the highest offer click the "Instruct IFA" button and we will forward the necessary documentation to you for completion within 24 hours.

2. Auction Platform
Should the policy not receive an instant auto-offer, we will contact you and offer to resubmit your policy to the online auction with a reserve price. Again there are no fees or charges for this service and we will keep you updated on any bids received. This process can be completed within 48 hours from the time the policy details are submitted.

3. E-mail Distribution
If the auction process does not provide you with a satisfactory bid, the system will e-mail the policy details to 19 TEP Market Makers/Dealers. These Market Makers/Dealers will contact you with a valuation for the policy. This could take up to 14 days for the Market Makers/Dealers to contact you.

The Endowment Sale Process

Should your endowment policy receive an offer which is acceptable and you instruct us to proceed we will forward the sale documentation to you for completion within 24 hours. The completed sale documents should be returned to us together with evidence of identity and residence (driving licence, utility bill etc) within 10 days of issue.

Your completed sale documents will then be processed and sent to the legal representatives for the buyer who will arrange the transfer of your policy which can take anywhere from 6 to 10 weeks to complete depending upon your insurance company and policy history.

Once the buyer has received confirmation from your endowment provider that full legal title has been transferred a cheque for the agreed purchase price will be issued.

If you have any further questions about the TEP Exchange or endowment quotation process please email us at info@best-advice.co.uk.

Markham Associates, Riverside Studios, Mill Lane, Dronfield, Derbyshire S18 2XL. Markham Associates is an appointed representative of Sesame Ltd which is authorised and regulated by the Financial Services Authority. The endowment advice and/or guidance contained within this web site is subject to the UK regulatory regime and is therefore restricted to consumers based in the UK.   Information on this site does not constitute personalised advice.  Always consult a professional independent financial adviser before taking any action.