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What are Traded Endowment Policies?
Traded endowment policies (TEPs), also known as traded life policies (TLPs), are those that were sold by original policy-owners to resale brokers in Singapore, and are then put up for resale as short-term savings plans. This process is done via Absolute Assignment, which you can find out more from our blog on how TEPs work.
Why Traded Endowment Policies?
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What is endowment plan / policy?
It is a savings plan issued by life insurance companies to help you grow your savings towards your financial objectives such as retirement and children’s education funds.
As a new owner and a new beneficiary of a Resale / Traded Endowment Policy (REP / TEP), what happens when the life assured passes on while my policy is still in-force?
If the life assured’s passing were then reported to the insurer, the insurer will contact you to collect the death benefit pay-out and the REP / TEP will be terminated. Otherwise, your REP / TEP will continue to be in-force as though the life assured is still alive.
As a new owner and a new beneficiary of a REP / TEP, what happens when I pass on while my policy is still in-force?
Your REP / TEP will go to the Estate. Please seek advice from an estate planner on including your RSP in a Will.
Who can buy REPs / TEPs?
Any individual who is at least 21, NOT an undischarged bankrupt and NOT a politically exposed one, or an entity can buy REPs / TEPs, subjected to insurance companies’ know-your-customer (KYC) and anti-money-laundering (AML) checks.
Any additional fees payable for buying REPs / TEPs?
No hidden fees for buying from us. The prices you see on our website is what you will be paying for. Your bank / crypto platform provider may impose a fee for your transfer, hence we recommend that you check with them before initiating a transfer.
Can I seek your advice on which REP / TEP to buy?
As we are not financial advisors, we are unable to advice on which REP / TEP to buy. The decision is entirely yours.
What is the denominated currency for REPs / TEPs?
Unless otherwise stated, REPs / TEPs are denominated in Singapore Dollars (SGD).
I am unable to make single payment per order for buying REPs / TEPs due to transaction limits.
As of 29 Sep 2020, you can make single payment of up to $200,000 via PayNow Corporate and/or FAST. You may need to change your account settings to increase the transaction limit.