Are you an insurance company?
No, we are not an insurance company. We are, however, a platform which matches buyers and sellers of pre-owned insurance policies such as life insurance policies and endowment savings plan.
How come you can pay higher than the insurer’s surrender value?
Insurance companies make money when you surrender your life insurance and/or endowment savings plan before it matures. Insurance companies have no incentive to improve the surrender value since it is almost a captive market.
The life insurance policy and/or endowment savings plan has a value if it has been kept for some time. By holding on to the insurance policy, buyers can achieve better returns than if they left it in a bank. Thus, buyers are prepared to pay a premium for such policies in comparison to if you were to surrender it to the insurance company.
How come you can pay higher than your competition?
Most of our competition will only pay you between 2-8% more for your policy. The reason is because our competition know that you may be desperate and hence by offering just a bit more for your policy, they are able to get your policy cheaply. They then turn around and resell these policies for as high as 30% or more.
By providing a marketplace for secondary insurance policies, we can give our sellers more simply because we do not need to carry cost. By using a platform which matches buyers and sellers we can cut down on costs which makes it a win for all parties involved.
How will my payment be?
You will receive a cash cheque on the spot.
Are you a FA company?
We are a fintech startup which specializes in Traded Life Policies (TLPs) and Traded Endowment Policies (TEPs). We own the platform Secondary Insurance Marketplace.
Are you licensed by MAS?
No, we are not licensed by MAS, as we are neither a Financial Advisor and/or an insurance company. We are a platform that matches buyers and sellers of secondary insurance policies. Think of us as Carousell for Secondary Insurance policies.
How happens during a sale of a secondary insurance policy?
During a sale of a secondary insurance policy, the seller will do an absolute assignment of the insurance policy to the buyer. What this means is that the seller is transferring the ownership of the insurance policy to the buyer. This is governed by the laws of Singapore and is registered and endorsed by the insurers using a standard procedure.