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Trade in second-hand life, endowment policies rising
Some 10 companies offering sellers 5-20% more than the policy surrender value
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Mr Peter Oh and his wife Deborah Ong, who run Endowment Exchange, found out about the resale of endowment policies when they attended a talk by a company in the trade two years ago. They are now looking to build up an inventory of 100 policies of between $3 million and $5 million.
ST PHOTO: KEVIN LIM
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Even as more people seem to be surrendering endowment and life plans bought from insurance companies, there is a growing trade in such policies on the resale market.
There are some 10 companies offering sellers 5 per cent to 20 per cent more than the surrender value that insurers would pay.
