Traded Endowments explained. Tep info. What are Teps ? Information on Traded Endowment Policies
Traded Endowment policies explained. Teps info. What is Tep ? Information on Traded Endowment Policy

traded endowments explained,TEPs explained,information about trading life assurance policies,what are teps, info on teps, teps faq all about teps, what are traded endowments, what are With Profits Endowment Policies, about traded endowments explained, teps info, advice on teps decribed how are teps traded endowment glossary

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TEP's explained, Information about TEPs, what are traded endowment policies, Info on TEP's,trading endowments faqs
Traded Endowments
TEPs Explained
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Endowment Mortgages

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What are TEP's ?

Traded Endowment Policies or TEPs are old, second hand with-profits endowment policies legally assigned to new owners who pay the purchase price and take over the payment of future premiums. The life assurance cover remains on the original life/lives assured, but all policy benefits on maturity or, an earlier life assurance payout, are the property of the new owner.

As TEPs are purchased mid-term the policy already has a guaranteed value made up of the 'Basic Sum Assured' and 'Bonuses Attaching' and the initial charges have all been paid by the original policyholder.

The Basic Sum Assured remains constant throughout the term of the policy and is paid on maturity or earlier if the original life assured dies. In addition bonuses are added to the policy every year and once added they cannot be reduced or taken away. The existing annual (or reversionary) bonuses together with the basic sum assured when the policy is purchased constitute the guaranteed value which is often higher than the purchase price of the TEP, meaning that, provided the policy is kept through to maturity, the new purchaser cannot suffer a financial loss.

Traded Endowments and TEPs explained

A with profit endowment policy run and managed by a life assurance company pays a guaranteed sum at the end of a fixed term called the amount assured. This is determined by contract providing that the premiums have been paid.

The final amount will include any profits accumulated during investment. These profits are declared annually and are paid to the assured person when the contract is finished.

In the event of death by the policy holder, the money will be paid directly to the policy holders estate. (Next of kin).

The policy premiums are normally paid for monthly. The life assurance companies use most of this money to invest and then share the profits with their policy holders each year. In effect, the policy holder is taking a share of the life assurance companies profits from wise investments. Annual bonuses and terminal bonuses are therefore added to the basic sum assured.

See Endowment Bonuses explained

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