Anonymous
Has anyone of you surrendered your ILP or endowment policies before?
What was the final straw? As I have 2 30-year plans (1 ILP, 1 endowment) for each at about $250 a month premium, and after consideration, I feel that one should be surrendered due to tight finances. However, after paying for 3 years, there will be a loss of about 5k or 10k for both plans if cancelled. So I'm considering surrendering 1 but a bit worried about the losses. Any advice?
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For endowment plan, if you paid for it for at least 10 years, maybe Reps holding
will be willing to takeover your endowment plan from you. Rep holding will pay you your assets value up to the point you sell your endowment plan. The company seems legit so you can give it some thoughts.
For ILP, there is no other solution. You just have to terminate with a huge loss if you chose to. And if you chose to terminate, better terminate early asap.
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If i may ask, what is the endowment plan name? 3 years ago plans are still quite decent if you hold ...
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I think you can "sell" your policies to companies that specialise in purchasing these ilp/endowment policies. One example is purviscapital