How does it work?
Endowment Policies are similar to Life Insurance except that it pays out a lump sum after a specific term or on death. The policy owner (insured) can select the investment term, for example five, ten, fifteen or twenty years.
South Africans abroad can simply and easily surrender their endowment policies as long as they have not been ceded to a bank (in which case the ceding will require cancellation before funds can be released).
How can E8 help?
We can provide information on the process of cashing out an endowment policy. Once funds have been cashed out the cash can be taken abroad as a foreign investment allowance via your bank. This is a relatively simple process. We can help you to understand and do that: Exchange Control And Your Assets/Cash
On the other hand, if the funds are in a Retirement Annuity, we can help you to understand the conversion process, and thereafter provide all the administrative tools (information, individually tailored processes, all necessary documents) and assistance for you to cash out the RA in full and at any age:
- simple: Once you understand the process the red tape is easy to navigate, and we hold your hand all the way.
- cheap: And if you do not succeed, we will return the small fee for our service.
- safe: We provide the tools for you to do it yourself. We do not act as intermediary, we do not ask for, nor hold, any of your personal financial information, and there are no hidden costs.
Read more here: How will E8 assist me?