For Financial Advisers - REPs Holdings Pte Ltd | SG No. 1 Since 2010

How this works?Procedures Sharing Sessions

As Financial Advisers, you may come across clients or prospects who wish to give up their existing insurance policy (endowment/whole-life) due to either financial constrains or portfolio restructuring. Most often, the immediate solution applicable to them from their perspective is to just terminate, surrender or even letting their policy lapse since the option to sell their policy to us has not been brought to their attention.

If you happen to meet such clients or prospects, equipping them with the possibility of selling their policies through Absolute Assignment to REPs Holdings can be greatly beneficial to them as they can receive a higher value.

Absolute Assignment Process for Insurance Policy

The legal transfer of ownership, rights, and benefits of the policy

It’s a Triple Win Situation

Chart indicating triple win situation if Financial Advisor advise their client to sell their policy to REPs Holdings

If you have a client or a prospect who is interested to sell their policy, do check with them first if their policy is either an endowment of whole life plan. The sale of policy is not applicable for ILPs, A&H, Shield plans. Thereafter, you can contact us to get a policy valuation on behalf of your client or prospect.

Procedure flow of policy transfer and financial advisor payout

We have been regularly conducting educational sessions on “Policy Assignment” and “How it can Benefit Your Clients” to insurance agencies, debts consultancy firms, and other social enterprises e.g. Credit Counseling Singapore. It will be a value-added service to provide your clients with another option that may be financially beneficial to them.

If you like us to do a 20-minutes presentation during your monthly agency meeting, just let us know. You can call us at 6221 4771 or email us at enquiry@repsholdings.com.sg. We can provide free refreshments for a group size of above 10 attendees.

If you prefer more informal sharing for a smaller group, we can also arrange it at your convenient venue and time.

Free Starbucks card for sharing session with financial advisers

Advisers who are near Raffles Place, do drop by our office for a coffee.We are located at Nankin Row shophouses, besides Great Eastern Centre. We are also giving away Starbuck Coffee Card with a $10 value. While stock last!

FAQs

Can the ownership of a life insurance policy (Endowment) be transferred?

While the life assured will always remain with the policy, the ownership of the policy is transferable by Absolute Assignment – A legal transfer of all rights and full benefits from the Assignor to the Assignee.

What about insurable interest?

For life insurance policies, insurable interest is only required at the point of inception (Section 57 Insurance Act). After the policy has been in force, it can be assigned to any third party (individual or entity).

What about the Beneficiary?

For policies with revocable nomination, the appointments have to be revoked prior to Assignment.

Why is REPs Holdings taking over the policies?

We recognize that these endowment policies are valuable saving tools that the policyowners have been servicing for years. Instead of having them terminated upon premature surrendering, they can be transferred and continue to serve as useful financial saving tools.

Is REPs Holdings licensed by The MAS?

No. There are currently no MAS administered regulations which govern the sale, purchase and distribution of Resale Endowment Policies and Resale Whole Life Policies.

How will policyowners be paid?

Cashier’s order or a cheque from the insurer made to the seller (in the form of policy loan) and the remaining with cash.

What are the policyowners obligations after the transfer?

Nothing, we make it as convenient as possible for the policyowner.

Are there any referral fees for advisers?

Yes, upon successful transaction.

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REPs Holdings (REPs Holdings Pte Ltd) is not licensed, approved, registered, or otherwise regulated by the Monetary Authority of Singapore or any other applicable regulator in Singapore or otherwise in respect of any of its activities, nor does it hold itself out as being so licensed, approved, registered or otherwise regulated. REPs Holdings does not hold itself out to be carrying on any activities which would require them to be so licensed, approved, registered, or otherwise regulated (including but not limited to regulated activities under the Securities and Futures Act (Cap.289) and financial advisory services under the Financial Advisors Act (Cap.110) of Singapore).

It’s a Triple Win Situation

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