Endowment Policy First is an online trading name of LEWKAY FINANCIAL SERVICES

Endowment Policy First is an online trading name of LEWKAY FINANCIAL SERVICES Lewkay Financial Services 3c Sopwith Crescent, Hurricane Way, Wickford SS11 8YU * Tel: 01268 762200 * FAX: 01268 762292 Terms and Conditions of business REG 17 (web) SEP-2006 1. Lewkay Financial Services are Independent Financial Advisers and are authorised and regulated by the Financial Services Authority (the FSA) and are bound by the FSA's rules. Details can be found on the FSA website at www.fsa.gov.uk/register or by calling the FSA on 0845 606 1234. 2. We are not tied to one company's products and, therefore, are able to be impartial when giving advice and on trading endowment policies, arranging life assurance, income protection, critical illness cover, pensions, investments in authorised unit trusts, ISAs and other general insurances. 3. We offer independent financial advice, but occasions can arise where we, or one of our other customers, will have some form of interest in business that we are transacting for you. If this happens, or we become aware that our interests or those of one of our other customers conflict with your interests, we will inform you in writing and obtain your consent before we carry out your instructions. In relation to the sale of endowment policies, we will act on an execution-only service whereby no advice will be given, unless specifically requested. 4. When we have transacted any business for which you have given instructions, we will not give you any further advice unless you request it, but will be glad to advise you at any time you ask us to do so. 5. We prefer instructions to be given to us in writing to avoid any possible disputes. If any instructions are given orally then they should be confirmed in writing. We may refuse at our discretion to accept certain instructions, although such discretion will not be exercised unreasonably. 6. We keep records of all your transactions for at least six years. You, or your appointed agent have the right to inspect the records at a mutually convenient time. As we treat all of our client records as confidential, we reserve the right to give you copies of your records where in certain circumstances to release the originals would compromise other clients' confidentiality. 7. In the event of any dissatisfaction with our services, you will be entitled to complain. Complaints should be directed to The Compliance Officer at the address below. He will explain our complaints procedure and, if we are unable to resolve the complaint, you will be able to refer the complaint to the Financial Ombudsman Service. 8. You, or we, may terminate our authority to act on your behalf under these terms of business at any time, without penalty from ourselves. Notice of this termination must be given in writing and will take effect immediately upon receipt of the notice. Termination will not prejudice the completion of transactions already initiated on your behalf or any rights or obligations already arising. WE DO NOT HANDLE CLIENTS' MONEY. 9. We never accept a cheque made out to us (unless it is a cheque in settlement of our charges or disbursements for which we have sent you a fee note) or handle cash. 10. These terms of business exclude any rights which may be conferred upon third parties by the Contracts (Third Party Rights) Act 1999. 11. In order to advise you properly, we must obtain certain information from you about your financial and personal circumstances, to assess your suitability for particular products and services. If we are not offering advice, the information required will be limited to the specific area of business that we are transacting on your behalf. 12. You have the right of access under the Data Protection Act 1988 to your personal records held on our file. We treat all of our clients as private investors unless otherwise agreed in writing. DATA PROTECTION AND DIRECT MARKETING INFORMATION HELD ABOUT YOU (Our privacy statement) By accepting these Terms and Conditions of Business: a) You agree that the information we hold about you can be held on computer and/or paper files. b) You agree that any information which you give us may be disclosed to third parties (e.g. credit reference agencies and product providers) for the purpose of processing your application or to another firm upon the sale of all or part of our business. c) Unless you advise us to the contrary when submitting an enquiry, you agree that we may use the information that we hold about you to contact you from time to time by post, fax, email or telephone to bring to your attention additional products or services which may be of benefit to you. d) We agree that any consent given by you under paragraph "c" above may be withdrawn by you at any time by using the box on our enquiry form, contacting us at the above address, or by emailing a request to us at: We will approach market makers with your policy details and endeavour to obtain the highest price possible for you. This is undertaken at your request to find the best price for your policy and you have neither requested or been offered further financial advice in connection with the suitability of this transaction. We will be paid by the purchaser of the policy and NOT you, as clearly stated in our "Confirmation of Sale" statement sent with our policy sale paperwork. The amount of the offer given to you is the amount that you will receive, with no deductions for any fees or administration costs. You should, however, be aware that there may be other taxes or costs that may exist that are not paid through Lewkay Financial Services (e.g. local taxes if you are outside of the UK). The information (offers) provided to you is only usually valid for 7 days, but this may be extended by mutual agreement. Most offers to purchase policies can be extended beyond their stated validity date, but this is not guaranteed. English law will form the basis of any contract we enter into. The language in which all communications will be conducted is English. Notice of termination of a contract must be given in writing and will take effect up to 7 days following receipt of the notice. Where you have a contract with a purchaser for your policy, the Terms & Conditions of that contract will not be affected by this agreement. Within this contract there are no cancellation rights, however, cancellation rights may apply for any products sold to you - details of these will be advised to you separately in writing. This web site is intended for use by UK residents only

Data for Endowment Policy Sales

Do you have a shortfall on your endowment mortgage?
Are you thinking about selling your endowment policy?

You may have seen the abundance of advertisements from brokers and companies wishing to buy your endowment policy, offering you more than the insurance company surrender value.

To get the best price for your endowment, you need to use a broker who can trawl through the vast number of companies eager to buy your policy from you. As independent intermediaries, we can offer your policy into the marketplace. This should ensure that you get the best price for your endowment.

We can help you obtain free quotations giving you the best price for your unwanted endowment plan. We do not charge a fee for this service, as we are paid by the company that buys the policy for finding them a quality investment. We are not policy buyers ourselves. The policies are usually sold on to investors or pension schemes who continue with the premiums.

IMPORTANT: Endowments should where possible be continued through to maturity, as this usually provides the greatest returns. If you are not sure about surrendering or selling an endowment, please do not hesitate to contact us for free financial advice.

Click for an online quotation on your endowment

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Frequently Asked Questions (FAQs)

How difficult is it to sell an endowment?
In short, it's easy. We help you sell your endowment policy by making the process as simple as possible - you can start now using our secure online quotation form. Most of the paperwork merely requires your name, address and signature.

How do I find out if my endowment policy can be sold?
After receiving a quotation enquiry, we submit basic policy details to all of the market makers that buy "with profits" policies. As long-established specialists in selling endowments we have business links with all of the major endowment buyers and make your life easier as you only have to submit the details once using our online quotation form.

We aim to get you the highest possible price for your endowment by finding and negotiating with policy buyers. Please note that if any of the market makers have seen the policy details via another source (you directly, or another broker), most will not deal with second or subsequent enquiries. If you receive a higher purchase offer than ours, the most likely reason is that our enquiry was not dealt with first by the market maker that has made it.

What increase over my endowment surrender value is possible?
We do not (and never will) advertise that you could get 30%, 40% or even 50% more for your policy. In 2005, the highest increase that we have achieved for a policy is more than 70% over the surrender value - but this is highly unusual. The average gain on an endowment sold rather than "cashed in" is usually between 5% and 15% over the surrender value.

Is there a fee for getting a quotation for my endowment?
No. As one of the UK's leading endowment brokers we contact all of the market makers to try to get the best price for your policy. This service is free and if you then proceed to sell your endowment we will be paid by the purchaser and not you. The offer that you receive will always be "what you see is what you get".

How long does it take to be paid for a policy?
This depends on who the purchaser is and which insurance company your endowment is with. Many sales are completed in about a week, but the average is 3 to 4 weeks.

Is selling my endowment policy safe?
Until you have been paid for your policy, it will remain your property. Even though the purchaser or their solicitors will ask for the policy document prior to completion, until you have been paid, it will belong to you.

Additionally, when you use Endowment Policy First you are dealing with an Independent Financial Adviser. Endowment Policy First is an online trading name of Lewkay Financial Services, who are authorised and regulated by the Financial Services Authority (FSA). There are several layers of security when using our company and we will be happy to explain these in detail at any point. Our online quotation form uses high security encryption which ensures that your personal details cannot be intercepted by a third party after submission.

What does the sale process involve?
This is explained in detail on our "selling endowment info" page.

What happens to my endowment policy when sold?
As soon as you receive payment, the buyer will own the endowment and one of two things will happen to it. The purchaser will either hold on to the policy for their own portfolio, or will sell it on to a fund or private investor. In either case, any rights or responsibilities connected with the plan become the liability of the new owner.

Which types of endowment policy are tradable
Only traditional With Profits endowment policies can be sold and not unit-linked plans. You will be able to determine whether your policy is a traditional With Profits endowment or unit-linked by the annual notification sent to you. If this shows a basic sum assured (also referred to as "basic benefit", "With Profits sum assured", "With Profits benefit", or "amount to which bonuses are added") and bonuses, it is probably a traditional With Profits plan. If your statement shows units in either a With Profits or any other type of fund (e.g. "managed", "balanced", or "equity"), then it is unit-linked and you will not be able to sell it.

Why can't I sell my unit-linked endowment policy?
Unit-linked policies almost have a "face value". This is calculated by multiplying the number of units held, by the value of each unit. In very simplistic terms, a unit-linked endowment policy containing 100 units with a price of £1 per unit would be worth £100, less any early encashment penalties that are applied by the insurance company.

Why have I received a higher offer for my policy than your offer?
As stated above, when we receive an enquiry, we submit basic policy details to all of the market makers that purchase With Profits policies. If they have already seen the policy details from another source, most market makers will not deal with second or subsequent enquiries. If you have received a higher offer than the one from us, the most likely reason is that our enquiry was not dealt with first by the market maker.

One final point to note is that there are two types of "offer" that you might receive. We only deal with firm cash offers to purchase policies, but there are companies that may give you an "indicative sale price". An indicative sale price is only an indication of how much a company feels that you may get if you give them sole marketing rights to the policy for a period of time. During this time they will try to find a purchaser for the policy at the indicated price.

An indicative sale price is therefore not a guaranteed amount that you will receive and this is why we do not deal with these companies.

Please be aware that some written "offers" are not firm offers and the wording may not be very clear as to which type of offer they are. If in doubt, we will usually be able to tell you about the offer you have over the phone (without obligation), if you know the company that you are dealing with.

Is selling or surrendering the policy the only option?
Endowment policies are designed to be long term commitments and cashing one in early may mean you receive less than the premiums you have paid. You may be able to get a loan on the policy or make it "paid up". The Association of British Insurers web site has more information here.

What will I need to sell my endowment?
You will need to have the original policy document, some proof of identity, address and age.

If I surrender or sell my policy can I still claim compensation for endowment mis-selling?
A claim for mis-selling is still possible providing you can supply evidence that you were the policyholder. Which? (tm) has an active campaign for mis-sold endowment mortgages or you can find more information about endowment mortgage shortfalls at the BBC web site.