We are the service provider for local Resale Endowment Policies since 2010. We acquire endowment policies from discontinuing policyowners into our holdings, ensure that these policies have good titles before making them available for taking over.
The transfer of ownership is through absolute assignment. It is done at the insurer customer service. The transfer is irrevocable and another absolute assignment has to be executed to effect another transfer.
An initial sum will be paid to REPs Holdings for taking over the policies. The preferred method of payment will be cashier’s order. After the transferred is made, you are the policyowner and future premiums are made directly to the insurance company.
The insurance Company requires any nomination or beneficiary to be revoked or removed first prior to Assignment. As we are the current policyowner now, the policy is free from nomination or beneficiary.
All rights and benefits belong to the current policyowner and only the policyowner can give the insurance company a valid discharge. If the insurance company gets to know the passing on of the life assured, they will contact the policyowner for the payout. Otherwise, you will just continue to maturity.
One month before the maturity date, the insurance company will send out a letter to you. The usual payment method is a cheque issued by the insurance company to the policyowner at the registered mailing address. Other form of payment can be arranged too.
Like your other assets (money in the bank, house, investments), the policy still belongs to you and will remain in force. The executor/administrator of your estate can choose to assign the policy to his/her name, surrender or sell off the policy.
No. There are currently no MAS administered regulations which govern the sale, purchase and distribution of Resale Endowment Policies and Resale Whole Life Policies.