Current Attached Bonuses - Top

The total amount of all annual bonuses which have been added to a policy to date. These bonuses can not be reduced or taken away.

Commencement Date - Top

The date that the policy started.

Contract Note - Top

A legally binding contract between the buyer and seller of a policy. This contract confirms the buyer's agreement to purchase the policy at the offered price.

Death Benefit - Top

The amount that will be paid out on the death of the life/lives assured.

Deed of Absolute Assignment - Top

A legal assignment by deed, transferring the ownership of the policy from 'seller' to 'buyer'.

Endowment - Top

An investment vehicle with regular premiums, also including life cover in the majority of cases.

Endowment Trading Platform - Top

An internet based trading platform where endowments are auctioned to the endowment purchaser via the internet. This can be a fixed price, but there is not normally a purchaser in place when the contract is signed.

IFA - Top

Independent Financial Adviser.

Life Office - Top

Insurance company who sold the policy to you.

Market Maker - Top

Institution who matches the buyer and seller of a policy.

Market Maker Broker - Top

Institution who arrange to find a buyer for a policy, once an agreed time frame has been accepted by the seller.

Maturity Date - Top

The date at which the policy matures and no more premiums are payable. This is the time when all bonuses are also paid, and the policyholder receives the full amount owing from the life office.

Policy Holder - Top

The policy holder is the current owner of the endowment policy.

Policy Number - Top

The unique number assigned to the endowment by the original life office who issued the policy.

Premium - Top

The amount which is payable, by the policyholder to the life office, throughout the term of the policy. The frequency of this payment can vary, but it is usually on a monthly basis.

Reversionary Bonus - Top

This bonus is added to the policy annually and is a reflection of the performance of the fund where the policy premiums are invested. Once the bonus is added, it can not be amended or taken away from the policy.

Surrender Value - Top

The value quoted by the issuing life office to “cash-in” the endowment from the policyholder. This is usually lower than the locked-in value of the policy (i.e. the basic sum assured and current bonuses to date).

Surrender Value Quotation Date - Top

This is important as the value can move on a regular basis. This can be due to new bonus rate announcements or simply as a result of further premiums being paid. It is important that a surrender value is supplied to us which has been quoted in the last 3 months, or since the most recent bonus declaration, whichever is the most recent.

Terminal Bonus - Top

This bonus is applied as a lump payment when the policy matures.

TEP - Top

Traded Endowment Policy, this is a policy which instead of being surrendered has been sold to an investor via the second-hand market.

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