Check my policyHome / Surrender guides / Endowment
Surrendering an endowment ends it before maturity. Your insurer pays the net surrender value, and the maturity payout is gone for good. Here is how to do it, what you will get, and what to check first.
Last reviewed 15 October 2026
The same order works for every insurer. The forms and channels differ.
They are on your policy schedule or benefit illustration, and in most insurers' apps. If maturity is close, surrendering now may cost you more than you expect.
Ask your insurer for the figure after any loan, interest and premiums owing. That is what you would actually receive. Surrender value explained
A policy loan, making the policy paid-up or selling it may suit you better. Keep, sell or surrender
Download it from your insurer's page, not an old copy, and check it fits your type of plan. All insurer forms
Fill it in completely, with the documents your insurer asks for. These usually include a copy of your identity document and bank details in your own name. A few insurers need the original policy document.
Your insurer pays by its own method once the request is approved. Each insurer gives its own processing time. How long insurers say it takes
Read this before you sign. Most insurers will not reinstate a surrendered policy.
The guaranteed sum at maturity, plus the bonuses that would have been paid with it.
Reversionary bonuses not yet declared, and any terminal bonus, which is often paid only at maturity or on a claim.
Death benefit and riders on the policy end with it. Check you don't still rely on them.
In the last year or two, the gap between surrender value and maturity payout can still be large. Ask your insurer for both figures side by side.
Step-by-step guides with each insurer's form, channels and documents.
Often not in the early years. Surrender values start low and usually catch up with the premiums paid only later in the term. Your benefit illustration shows when.
For a traditional endowment, the cost of ending early is usually built into the surrender value itself. Investment-linked plans can work differently, so read your policy.
Some plans allow a partial surrender; many don't. Ask your insurer what yours allows before you choose.
Contact your insurer at once. Once a surrender is processed it usually cannot be undone.
A new policy may still be in its free-look period, which works differently from surrender. Cancelling a new policy
If we would buy your endowment, our written offer sits beside your net surrender value. If not, your insurer's route stays open.