Frequently Asked Questions About Selling Your Term Life Insurance Policy
What if I change my mind about selling my life insurance policy after signing the Deed?
You have a 14-day cooling-off period after signing the Deed. If you decide not to proceed within this time, please contact us immediately.
We will stop the transaction, return all relevant documents to you, and provide a confirmation letter stating the transaction has been cancelled. This service is free of charge.
You have no restrictions on how you use these funds, however if you do decide to cancel the transaction you must return the full sum of funds to us within 10 working days of the cancellation request.
Can I take out another life insurance policy if I sell this one?
Yes, you can take out another life insurance policy even if you sell your current one. There’s no limit to the number of policies you can have. However, factors like your age and health will determine whether an insurance company will approve your application for a new policy.
What documents do you need from me to provide a firm offer?
We will require the following documents:
1. Photo ID (Passport or Driving Licence)
2. Proof of residential address, document dated within 3 months
3. A copy of your policy document or policy schedule
4. Proof of two premium payments
Will you underwrite me for health?
No, we will not ask any personal health-related questions or require any health examinations at any point during the process. We will provide an offer based on the age of the policyholder and the characteristics of the life insurance policy.
How long does the process take, and how quickly will I be paid?
Once we receive your policy documents and complete our internal review, we’ll send you a firm offer for your review and signature. If you accept, we will mail your Deed of Assignment to you for signing, which will require a witness.
After you return the signed Deed back to us, we will conduct final checks, which may take up to 48 hours. Once these are complete and all checks cleared, payment will be made to you within 48 hours.
Is this regulated?
We Buy Life Policy a trading name of Pembridge Life Limited is not authorised by the Financial Conduct Authority (“FCA”). This is because its activities fall outside the scope of authorisation as they are limited to purchasing term life policies that qualify as “pure protection contracts”. As a consequence, certain regulatory consumer protections, such as access to the Financial Ombudsman Service (“FOS”) and the Financial Services Compensation Scheme (“FSCS”), are unavailable to you.
Pembridge Life Limited’s financial promotions (e.g., advertisements), however, are required to be reviewed and approved by an FCA-authorised firm that has permission to approve financial promotions.