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FAQs

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FAQs

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Your policy is an investment. It is an asset, just like a house, or shares. And as with any other asset, there is a market price that someone would be willing to pay for it. You might want to sell your asset, like a house, or a car, for immediate cash, to re-invest or use for whatever purpose. We, now the owner of the policy, would carry it through to maturity, or keep investing in it or re-sell it, taking the risks and rewards as with any other purchase.
According to the Long-term Insurance Act only one loan and one part surrender may be taken out of a policy within the first 5 years. Once a loan and part surrender has been made, no further cash advancements or surrenders can be made until the end of the restriction period (5 years from inception). Furthermore, this 5-year restriction is renewed in the event that the policyholder increases the annual premiums by more than 20% (‘the 20% rule”), placing the maturity date 5 years from the increase in premium. Policies can also be restricted purely by the nature of the product specifications which can vary from one Life Company to another. Example: In certain guaranteed growth plans only 1 part surrender is available and thereafter only at maturity.
Yes, cash values of policies are limited to contributions plus 5% per annum in the 5 five years. This could also limit the value that is available to you.
We will make an electronic transfer to the policyholder’s verified bank account, within 1 business day after the required documentation has been received.
Yes, our offer is net of any loan or premium debts against the policy and we settle the outstanding debts directly with the Life Office or relevant institution.
We will request for you to complete a “Lost Policy Affidavit” (LPA), to apply for a new one to be issued. This supercedes any previously issued policy document. An LPA should not delay the settlement process.
Current legislation stipulates that your policy sale is not taxable, if you are the original owner. Individual circumstances may differ, so it is always best practice to speak to your Tax Consultant for advice.
Yes, absolutely. We work with financial advisors as well as direct clients. In fact, you cannot adhere to appropriate advice if you don’t know the true value of your clients portfolio.
Yes, there are alternative solutions for different investments. PolicyLink can put you in touch within other divisions in the group that could assist with cash release products or loans against these policies.