Endowment policiesSouth Africans abroad can surrender their endowment policies. If the policy is ceded to a bank, the ceding will require cancellation before funds can be released.
South African endowment policies
South African expats often neglect their financial portfolios back on home soil. You may have forgotten about your policies or perhaps you aren’t sure what your options are when it comes to changes, cessions or offshore transfers. Let us give you some insight about your endowment policies.
What is an endowment policy?
An endowment policy is similar to life insurance except that it pays out a lump sum after a specific term or on death. The insured can select the investment term – usually five, ten, fifteen or twenty years.
What can South African emigrants do with their endowment policies?
South Africans abroad can surrender their endowment policies. If the policy is ceded to a bank, the ceding will require cancellation before funds can be released.
How does it work?
FinGlobal will organise cancellation of your debit orders and arrange for the policies to be paid up and surrendered. We can also assist with cancellation of the cession on your policy if necessary.
We can also refer you to a new adviser or insurer abroad who can assist you in applying for relevant cover in your new country of residence.
What are the fees?
Our initial consultation to you is cost-free and includes a quotation for our services. Fees are fixed and payable only on successful completion of the job.
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Over the past couple of months or so, FinGlobal (previously cashkows) have located various policies I had many years ago with South African insurance companies, managed the closure of the accounts and tax payments to SARS, and forwarded the funds to me in my new home country. The whole process was a textbook demonstration of professionalism and customer service. It was probably the best business experience I have ever had.Nick Clews
I thought I only had 1 policy but delighted when FinGlobal (previously cashkows) discovered another one! FinGlobal made the procedure effortless and dealt with it in a very professional manner. Thank you for helping me through the process!Georgina Oliver-Hancock