Via a broker, TEP
market makers, (traded endowment market makers) will assess the value of your
endowment - the endowment surrender value.
Then, if you decide to cash in endowment policy, the market maker takes
on the monthly payments until the policy matures or
they resell to another individual on the open
People who are
changing their mortgage, going through divorce,
need more capital or who predict a fall in the
profit of their endowment may have a requirement to
sell a with-profits endowment or life assurance policy.
Policies or TEPs are 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
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