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CASH OUT OPTIONS

You may be looking to cash out completely or just part of the policy. Perhaps you want to retain a portion of the cover.

For whole of life or endowment policies (those that receive bonuses each year from the life company) Policy Exchange offers four ways to access cash from your policy:

When you want the full cash value from your policy now …scroll down for more info.

When ongoing cashflow is more important than life cover …scroll down for more info.

When you need funds now and still want life cover …scroll down for more info.

When you’re planning for retirement but still want some cover …scroll down for more info.

Cash Plus

If you’ve decided to fully exit from your policy, Policy Exchange Cash Plus will likely provide the best result. By dealing through Policy Exchange you have the opportunity to receive an enhanced cash payout above the surrender value offered by the life insurance company.

Who does this suit?

Cash Plus suits those who’ve decided they no longer need insurance cover and their funds can be better utilised elsewhere, perhaps to pay down debt, to reinvest or even to enjoy passing on a legacy to children or grandchildren while the policyowner is still alive.

Regular Cashflow – Lump Sums

Here’s how to utilise the asset you’ve built up without having to wait until it matures. Regular Cashflow lets you access Lump Sums from your policy when you need it; to fund a new car or perhaps to go on a holiday.

With Regular Cashflow you’ll still own part of the policy, but have no further premiums to pay. And you can release further amounts from the policy in future should you wish – although you’re under no obligation to.

Who does this suit?

Policyowners who’d like to access funds on a semi-regular basis like the flexibility of Regular Cashflow: it helps them fund one-off items, or to manage ongoing living costs in retirement.

Sell Some Keep Some

Perhaps the kids have left home, the mortgage is paid off and you don’t need as much insurance cover. Here’s a way to access some of the cash value of your policy now, yet still keep some life cover.

Sell Some, Keep Some lets you sell a portion of your policy via Policy Exchange to receive a lump sum immediately. Via Covenant Trustee Services Limited you’ll continue to own a separate portion of the policy, to provide insurance cover, but there’ll be no further premiums to pay. Plus Policy Exchange will complete the entire process at no cost to you.

Who does this suit?

Sell Some, Keep Some is ideal for retirees who’d like to access funds and also retain a portion of cover for future payout, perhaps to pass on to children or grandchildren, or to cover funeral costs.

Retirement Planning Strategy

When you have just a few more years of earning you can focus on building your policy for retirement, whilst maintaining some life cover in the interim. Under Retirement Planning Strategy you can, for example, increase your premium amounts in the pre-retirement years, increasing the nest-egg available for creating a future Regular Cashflow. This option is available only via a licenced financial adviser, so please contact yours. If you don’t have an adviser let us know and we can put you in touch with one.

Who does this suit?

The Retirement Planning Strategy suits policyowners 5 – 10 years away from retirement.


 

Just five steps to release funds from your policy

Step 1
No-obligation Onscreen Initial Assessment. Decide which option best meets your needs, then use the Policy Exchange online calculator to receive an initial assessment.

Step 2
Formal Quote Provided. After receiving an initial assessment, you can request a formal quote. Just follow the onscreen prompt to submit the information we need.

Step 3
Policy Exchange response. Based on the information provided we’ll either come back with an offer, OR confirm that we need further information from the life company, OR (in a small number of cases) advise we’re unable to assist.

Step 4
Documentation Issued. Once you confirm you’d like to accept our offer, we’ll issue the documentation needed to complete the transaction.

Step 5
Settlement Completed. Within 10 working days of having received from you the required documentation, we’ll complete the transaction.

Get an on-screen assessment


CASE STUDIES AND TESTIMONIALS

We’ve helped thousands of people whose needs have changed over the years. Here’s some of the feedback we’ve received.

“Plenty of contact between me and Policy Exchange, easy and fast to carry out the transaction. The person I spoke to was friendly, courteous and professional. I was very satisfied and would definitely recommend them to anyone looking to access cash from their policy.”

Beryl

Waikato

“Our clients needed some extra dollars for their retirement so decided they would cash out their whole of life policy. The Policy Exchange process is simple and straightforward and the payment is prompt.”

Gemma, Financial Adviser

Christchurch

“Always a pleasure to do business with Policy Exchange.”

Chris, Financial Adviser

Rotorua

“We’d been seeking advice on how to reduce our debt before retirement. I’d bought my first policy in 1976 for two reasons: life cover and a savings programme, as had my future wife. When married, we bought more life policies when buying a house.
Now our children are married, our life policies will provide savings to reduce debt; we therefore surrendered all our policies. Our adviser suggested using Policy Exchange. The enhancement amounts they gained for us added significantly to the surrender values. We’ve substantially reduced our hefty Auckland-sized mortgage – and in just 18 months we’ll retire debt-free!”

Patrick and Sue, Secondary School Teachers

Auckland

“I was referred to Policy Exchange by my adviser. I’d decided to cash in my policy as my circumstances had changed and I needed to find money for a deposit on a house. They were very professional and friendly to deal with. By cashing in my policy through them Policy Exchange increased the amount I received. I would definitely recommend them to anyone looking to cash in or surrender their policy.”

Nicola

Manawatu