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Insurance surrender and resale scams: how to spot them

A policy with a cash value is money, and scammers know it. Most policy scams follow a few patterns. If you know them, they are easy to spot.

Last reviewed 15 October 2026

Five scams to know

The details change. The patterns don't.

The fee before payment

A "buyer" makes a generous offer, then asks you to pay a processing fee, a duty or a deposit before they can pay you.

The sign: any request for money from you.

The fake insurer

A call or message, seemingly from your insurer, says there is a problem with your policy and asks you to click a link or confirm your details.

The sign: a link, or a request for Singpass details, a password or a one-time code.

Surrender and reinvest

Someone urges you to surrender your policy and put the money into a scheme promising high, safe returns.

The sign: pressure to surrender, and returns that sound too good.

The blank form

You are asked to sign an assignment form with the new owner or the price left blank, "to save time".

The sign: anything incomplete put in front of you to sign.

The overpayment

The "buyer" says they paid too much, shows a screenshot, and asks you to send back the difference.

The sign: a refund request, or proof of payment that isn't in your own bank account.

Red flags in any deal

One is enough to stop and check.

  • You are asked to pay anything

    A genuine buyer pays you. It never asks you to pay to receive your money.

  • You are rushed

    "Today only" offers and pressure to sign quickly are designed to stop you checking.

  • You can't identify the company

    No full company name, no UEN, or details that don't match ACRA's records.

  • Payment comes from a personal account

    Or the account name doesn't match the company you are dealing with.

  • You are asked for login details

    No one needs your Singpass, banking password or one-time code to buy a policy.

  • The offer is far above everyone else's

    An offer that looks too generous is often how the fee scam starts.

If you think you have been targeted

Act quickly. The sooner you do, the more can be stopped.

  1. Stop all contact and payments

    Don't send money, documents or codes, and don't sign anything more.

  2. Call your insurer

    Use a number from its own website. If you signed an assignment, ask it not to record it. Insurer contact details

  3. Call your bank

    If you made a payment or shared banking details, call your bank's official hotline straight away.

  4. Get advice and report it

    Call the ScamShield Helpline on 1799, report the scam in the ScamShield app, and make a police report.

How to recognise us

We never ask you to pay us, never ask for your NRIC by form or WhatsApp, and never ask for a password or code. We pay only from SurrenderPolicy's company account, into an account in your own name.

Not sure a message is from us? Contact us through this website and ask. How we deal with you

Sources

ScamShield: ScamShield Helpline (checked 15 October 2026)

Selling? Start with a buyer you can check

Our company details are on every page, and every offer is in writing. No NRIC, no obligation.

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