I want to sell my endowment policy but is it safe to give my personal and policy details to an online company?

Answer 1

First - how long have you had the policy? Endowments increase in value quicker as time goes by, if you've only had it a few years it will be worth very little. If it's close to maturity then it's worth hanging on to if at all possible.

Second - Don't take the first valuation, get at least 3 valuations from reputable companies.

Third - If you were mis-sold the endowment you may be able to claim back some or all of the premiums you have paid.

Fourth - If you're in the UK then check with the Financial Services Authority (FSA). I think the US equicalent is the Better Business Bureau (BBB).

Fifth - You may want to consult an Independent Financial Adviser, they should be able to tell you where is the best place to sell your policy.

Sixth - If you can verify that the company concerned is genuine then you should be safe to give out your details online. Make sure the website address starts with https - the 's' means the site is secure and your details should be safe.

Financial Services Authoritty (UK)
http://www.fsa.gov.uk/

Better Business Bureau (US)
http://www.bbb.org/

Which Report about Mis-selling
http://www.which.co.uk/reports_and_campaigns/money/campaigns/endowment_mortgages/index.jsp

Financial Ombudsman Service report about mis-selling
http://www.financial-ombudsman.org.uk/faq/mortgage.htm

BBC Advice about Endowment Shortfalls
http://news.bbc.co.uk/1/hi/business/1887292.stm

Answer 2

ring one of them up and tell them you were sold it by a broker they shouldnt be able to deal with it but should give you the address of I think it was like ombudsman then you can do it all your self we did and got £14000 back and didnt have to pay one of these companys upto 20% so just a bit of agro filling out a couple of forms good luck

Answer 3

Depending how endowed you are lmao

Answer 4

Only if its a reputable company. check http://www.bbb.org before you start.