For this month’s collaboration schedule, we managed to tie up a partnership collaboration with Policywoke which you can sign up here.
I’ve also had the privilege to review their offerings and manage to chat with one of their co-founders, Jimmy to understand better about the product offerings and services they have.
Who is Policywoke?
Policywoke is a resale insurance policy broker that is run by three co-founders who are frequent members of the Seedly community and have been commendable in their impeccable servicing of their clients.
Services
Policywoke is a one-stop service where they help clients who need financing to sell their existing insurance policies up to 10% above the surrender value.
The surrender value is the actual sum of money a policyholder will receive if they try to access the cash value of a policy.
There are many reasons why a policyholder chose to surrender his or her existing policy.
Reasons can vary from the inability to service the premium, loss of a job, or sudden need of cashflow (especially during Covid-19 situation like today).
The surrender fees will typically eat up and reduce the surrender value if a policyholder chose to surrender within the first initial stages/ early years and gradually goes down over the years.
Policywoke buys over these policies typically at a reduced margin (lower profits to them) and higher surrender value as compared if you are surrendering to your insurer broker directly. As a policyholder, it only makes sense that you surrender your policy to the highest bidder in the market.
For each insurance policy that was sold to Policywoke, they will then re-sell them to prospective clients as high-interest savings plan with a shorter duration since individuals who are taking over the policy and remaining premium are considered as resale. This way, you get a higher IRR out of your capital investment than had you purchased it from the commencement of the policy.
You may view a list of all their endowment and high-interest savings plan lists here.
For instance, if you are interested in buying over the resale policy #211, your capital outflow will be $41,890. You will then continue to service and pay an annual premium of $12,074.20 for the next three years starting 12 Dec 2020, then hold the policy for the next five years, after which your projected maturity on 12th Dec 2028 will be $105,771.
In summary, your total capital outlay would be [$41,800 + ($12,074 x 3)] = $78,022 for the first three years and your projected maturity after eight years would be $105,771, translating into an IRR of 4.0%.
Do note that like most endowment policies, the participating endowment policies on the projected return listed above consist of the non-guaranteed and the guaranteed portion. So, it will still pretty much depend on the performance of the funds.
This figure is updated as of 16 Aug 2020 so some of the figures might vary accordingly. Their consultants will be able to provide you with a clearer view of the latest figure when you approach them.
Disclaimer: This post is written in collaboration with Policywoke and contains affiliate referral links that go to maintain the sustainability of this blog at no additional cost to you. This article is meant purely for informational purposes and should not be construed as financial advice.
Is it legal to transfer over policy ? How would the life insurance part of the policy work. Can a new nominee be added? Also is this done in full agreement and legal transfer of the supporting insurnace company
Hi Rochak,
A cash-value insurance policy has four assignees:
– Life assured
– Owner
– Premium payer
– Beneficiary
It is legal to change the owner, the premium payer and the beneficiary via Absolute Assignment at the insurer's customer service centre. When a buyer buys-over a resale insurance policy from us, the buyer shall be the new owner, the new premium payer and the new beneficiary. The buyer shall be buying for the cash-value benefit, and not for the death benefit.
We are unable to advise on nominations. However, it can be counted as an estate in a will.
The Absolute Assignment process is done in full agreement and legal transfer by the insurer.
Regards,
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