This is something new to me. I never heard of Endowment Policies. Apparently it is a type of Life Insurance and I had no idea you can sell it! Endowments are modifications of whole life. Like whole life, part of the premium goes to build up a cash value fund. An endowment policy generally has a higher premium than a whole life policy for the same amount of insurance because more of the premium is devoted to building cash value. The endowment is designed to terminate and pay out the cash amount at a designated time, such as after a prescribed number of years (for example, 20 year endowment, 30 year endowment) or at a specific age (for example, endowment at 60, endowment at 65).

If you carry one of those and you need cash or looking to invest somewhere else that is safer or more secure, you can sell your policy. Of course, this is advisable only if you are certain that you have somewhere else to place the money that would provide you the biggest bang for your buck. I had a 10 year endowment before and I sold it to pay off credit card debts. To me, it was worth it because it eased me from financial burden.

So how about you? Where would you put your Endowments?