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FAQ2020-03-11T11:29:00+08:00

Frequently Asked Questions

What is an endowment/whole-life policy?2020-02-19T23:21:17+08:00

Endowment/whole life policies are insurance products in which the premiums are paid to provide lifetime protection cover and savings. A lump sum is payable to the policyholder when the policy matured, surrender, event of death or critical illness occurred.

Does Purvis Capital give any financial advice?2020-02-19T23:21:59+08:00

By submitting your endowment/whole life policy details to us we are simply providing you with a quote for the amount we are willing to offer you for your policy. It is entirely your decision whether you then choose to sell your policy to us.

Purvis Capital does not provide any financial advice or provide any recommendations to you in relation to the decision to sell your policy. If you need advice you should speak to your Independent Financial Adviser. If you do not have an Independent Financial Adviser, we are happy to recommend a highly qualified third party Independent Financial Adviser.

What types of policies does Purvis Capital purchase?2020-02-19T23:22:26+08:00

Purvis Capital is acquiring endowment and whole life policies issued by Singapore life insurance company. Unfortunately we are unable to purchase policy bought with CPF or SRS money.

What if my policy has outstanding loans or has already lapsed?2020-02-19T23:23:02+08:00

We may be able to provide a quotation for both policy with outstanding loan and lapsed policy (no cash value).

What information do you need to provide for a quotation?2020-02-19T23:23:29+08:00

To enable us to produce an accurate quotation, please Click Here to fill up an online submission form. The required information can be found on your insurance policy schedule and your most recent bonus statement. Policy information must be quoted within the last 30 days.

How long does it take to have my policy assessed?2020-02-19T23:23:57+08:00

Upon receipt of the necessary information, Purvis Capital will assess the policy and provide an offer within 3 working days.

What are the risks of selling my endowment/whole-life prior to maturity?2020-02-19T23:24:32+08:00

By selling your endowment/whole life policy, you will lose all the life insurance cover that the policy offers – you will be giving up the rights to any payment from life insurance company and therefore, you may be underinsured.

If you would still like to review your life insurance cover we recommend that you speak to your adviser or our recommended Independent Financial Adviser.

What happens when I accept your offer?2020-02-19T23:24:59+08:00

Our staff will arrange a suitable date to meet at the life insurance company to submit the paperwork. Upon confirming the policy details and submission of all documents, we will issue a cheque on the same day.

Would my offer price change at any point during the purchase process?2020-02-19T23:25:30+08:00

We base our offer on the policy information supplied to us. The surrender value provided by your life insurance company may fluctuate before the transaction date. If upon checking the details we find that the information provided is incorrect or has changed significantly, we reserve the right to revise the offer or withdraw from the purchase.

What happens if a premium gets debited from my bank account after accepting the offer?2020-02-19T23:26:16+08:00

Ultimately it is your responsibility to ensure all premium deduction are cancelled with your financial institution and with the life insurance company at the date that you accept the offer.

You will submit a form to terminate the Giro link on the transaction date if it wasn’t done. If there is any premium deduction on your bank account as a result of processing delay we will refund the additional premiums paid.