There are five stages to the selling process:-

  •   Valuation
  •   Issues of sales contract
  •   Confirmation checks of policy details and titles
  •   Purchaser found
  •   Change of Title & Completion

Valuation :-

In order for Neville James to value your policy, we must firstly ensure that you are the legal owner of the policy, as well as checking the current policy status i.e. ‘in force’ or ‘paid up’.

On requesting a valuation of your endowment you will be asked to provide the following policy information:

  •   The policy holders' names
  •   Policy holders' address
  •   Insurance company name
  •   Policy number
  •   Any amendments
  •   Minimum death benefit
  •   Date the policy started
  •   Maturity date
  •   Surrender value*
  •   Date surrender value obtained
  •   Basic sum assured
  •   Total attaching bonuses and date of bonus statement
  •   Gross premium payable
  •   The location of the policy document

* It is advisable that you call your insurance company for an up-to-date surrender value as this allows the most accurate valuation and also protects you from selling your policy for less than its surrender value.

Once we are in a position to provide you with a valuation for your policy, we will contact you with the details of the valuation and discuss how we can assist you with the successful sale of your policy.

Having gained your valuation, it is then up to you to decide whether it would be better to hold onto your policy or sell it. Unfortunately there is no way of being able to calculate exactly how well your policy will perform in the future, but it is possible to make a mathematical assumption using current bonus rates and assume that they will remain the same throughout the remaining term, but again this would not be a guarantee.

At Neville James we believe that in order for you to decide whether to sell your endowment, it is necessary not only to investigate the best price for selling your policy, but also the viability of doing so. If you are in any doubt, seek independent financial advice. Neville James can not give advice and acts on an execution only basis.

Issues of sales contract :-

Once you decide to accept the valuation provided by Neville James, you will be issued with a contract note confirming the price at which your policy will be marketed to our investors.

If you choose to accept the valuation you simply sign the contract note and the attached letter of authority (this enables the Completions Team to contact the life office to obtain any relevant information regarding the transaction) and then return these to Neville James.

Confirmation checks of policy details and titles :-

At this stage our Completion Team, will check with the issuing life office that the policy details are correct, that there have not been any amendments that Neville James were not previously made aware of and that the policy is not being used as security (i.e. there is a secured loan running against the policy). At all stages you are protected by the fact that we are authorised and regulated by Financial Services Authority.

Purchaser found:-

Once a buyer is found our Completions Team will then write to you to request any further documentation that is required i.e. the policy document and proof of identity. From this stage the signed contract is legally binding and you are then obliged to sell your policy at the stated price*. The timescale for completion at this stage is approximately three to five weeks.

On the contract note there will be an agreed date for the ‘purchaser’ to take over the premiums. The ‘purchaser’ of the policy will be responsible for reimbursing the ‘seller’ with any premiums paid after this date should they have been paid by the ‘seller’. The premium reimbursements will be paid to the ‘seller’ at the same time that the sale proceeds are paid.

*subject to the Policy Purchasing Terms of Business.

Change of Title & Completion :-

Prior to the reassignment of your policy, we will complete a bankruptcy search. Sometimes we will use two solicitors to give clear title in making sure that everything is correct. Once both solicitors are happy with the policy our principle will release the funds. The policy will then be reassigned at the same time as a cheque being issued to the seller. It is only once all this is done, that the change of title is complete.

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