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Life changes fuel endowment sales
09/10/2007
New research has shown that the most common reasons for selling an endowment policy in Northern Ireland are those which involve solicitors.
According to aap, the endowment policy company, divorce settlements top the poll for reasons to sell up, while mortgage arrangements also feature as one of the five main reasons.
Asset division, due to divorce, re-mortgaging, moving home and mortgage re-structuring were all cited in the five most common reasons for people in Northern Ireland selling endowment policies.
About 80 per cent of endowment policies do not pay off the full mortgage on a property.
Dan Farrow, CEO of aap's parent, TIS Group, said: "There are around eight million mortgage endowment policies still in existence and many policy holders are sitting on poorly performing funds. Although cash concerns are not the main reason for people cashing in their policies, many still want to access the cash as quickly as possible.
"Lifestyle changes, such as divorce or moving house are most common reasons for selling endowment policies."
Contact us for legal advice
According to aap, the endowment policy company, divorce settlements top the poll for reasons to sell up, while mortgage arrangements also feature as one of the five main reasons.
Asset division, due to divorce, re-mortgaging, moving home and mortgage re-structuring were all cited in the five most common reasons for people in Northern Ireland selling endowment policies.
About 80 per cent of endowment policies do not pay off the full mortgage on a property.
Dan Farrow, CEO of aap's parent, TIS Group, said: "There are around eight million mortgage endowment policies still in existence and many policy holders are sitting on poorly performing funds. Although cash concerns are not the main reason for people cashing in their policies, many still want to access the cash as quickly as possible.
"Lifestyle changes, such as divorce or moving house are most common reasons for selling endowment policies."
Contact us for legal advice
