If you decide to buy-over a traded endowment policy, the following is the basic procedural flow in steps:
Click on the PolicyWoke Assignment-out Form for you to read and decide if you agree to the terms.
If you agree to the terms stated in the PolicyWoke Assignment-out Form, text us your email address, full name and home address so that we can prepare and email you an invoice for you to make payment to our business bank account.
Once we have received payment, we will schedule and book an appointment with the insurer to meet at their customer service centre.
On appointment day outside the customer service centre, we will show you the hard-copy of the same PolicyWoke Assignment-out Form for you to confirm that the terms are the same as the soft-copy one.
After confirmation in step 4), we will proceed to enter the customer service centre to do the absolute assignment of the policy.
FREQUENTLY ASKED QUESTIONS
Q1: As a new owner and a new beneficiary of a traded endowment policy (TEP), what happens when the life assured passes on while my policy is still in-force?
A1: 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 TEP will be terminated. Otherwise, your TEP will continue to be in-force as though the life assured is still alive.
Q2: As a new owner and a new beneficiary of a TEP, what happens when I pass on while my policy is still in-force?
A2: Your TEP will go to the Estate. Please seek advice from an estate planner on including your TEP in a Will.
Q3: Who can buy TEPs?
A3: Any individual or entity of the following conditions can buy TEPs, subjected to insurance companies' compliance checks:
At least age 21
NOT an undischarged bankrupt
NOT a politically-exposed individual
Q4: Any additional fees payable for buying TEPs?
A4: No hidden fees for buying from us. The prices you see on our website is what you will be paying for. However, if you were to choose Credit Card as a payment method, there may be fees imposed by TransferWise and the card issuing bank. Refer to Payment Methods for details.
Q5: Can I seek your advice on which TEP to buy?
A5: As we are not financial advisors, we are unable to advice on which one to buy. The decision is entirely yours on buying.
Q6: What is the denominated currency for TEPs?
A6: All currencies are denominated in Singapore Dollars (SGD).
Q7: I am unable to make single payment per invoice for buying TEPs due to transaction limits.