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Splitting policies on Tep market

IFAs can raise more money for divorcing couples by selling their endowment policies on the open market, says traded endowment provider Absolute Assigned Policies.

The market-maker says divorce accounts for 14 per cent of all policies sold.

IFAs should be aware that if clients sell their policies to market makers they are likely to receive over a third more than they would if they sim-ply surrendered their policyto life offices.

AAP says around 150 with-profits endowment policyholders a week could be miss- ing out.

Managing director Lee Portnoi says: “If IFAs are called upon to look at the assets of either partner if a couple are breaking up, they should be aware that clients with-profits endowment contracts could be worth as much as 35 per cent more if they sold to a market-maker rather than surrendering them toa life office.

“IFAs can also earn a fee of 3 per cent of the price that the market-maker pays to clients.”


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