We do not encourage policy holders to give up their insurance plans. However, if your client is excercising this as a last resort, it would be the duty of a Financial Adviser to assist the client to obtain highest value for his policy.
Secondary markets for Whole Life and Endowment Policies have long existed in countries, such as UK,US, Australia and Germany. In the United Kingdom, Financial Services Authority passed the Traded Endowment Policy and Open Market option Disclosure Requirements Instrument 2002 where insurance companies are required to inform policyholders surrendering their plans that they can sell their policies in the secondary market for better value.
In Singapore, the trading of life and endowment policies are currently not regulated by Monetary Authority of Singapore (MAS). It is also relatively less publicised. You may bring this to the attentions of your clients seeking to cash out on their policies.
Our company also sell Traded Policies as an investment option. You can present this low-risk product to clients keen on investing. We have an attractive referral scheme for successfully closed cased.