By the time my endowment policy matures I will be 70. Can I assign it to one of my children, so that they will have a better chance of receiving the maximum sum? My insurance agent says not, but I know there’s a market in these policies.
It’s likely that your policy is already assigned to your mortgage lender to pay off the mortgage but if you can pay it off by some other means there’s no reason why you couldn’t sell the policy, or give it to a member of your family. You’re right in thinking that you could sell it to a traded endowment house and it would then pay out on maturity whether or not you survived to that point. Of course it’s possible that the death benefit may be worth more than the maturity value.