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1. Who are Australian Policy Traders?

2. How long have Australian Policy Traders been trading life insurance policies for?


3. Which Life Co. do Australian Policy Traders trade with?

4. What types of policies do Australian Policy Traders assess/purchase?


5. How long does it take to have my policy assessed?

6. Why is my policy Not Suitable? What is wrong with my policy?

7. I received an offer from Australian Policy Traders – what do I do now?


8. Does Australian Policy Traders give advice on the decision to sell my policy?


9. How long does it take to receive payment from Australian Policy Traders?

10. Once I have been paid for my policy, what happens?

11. How long does it take for the Transfer of Ownership to be completed?

12. Do any of my details stay on the policy?

13. Why am I still receiving premium notices from the Life Co.?

14. What happens if a premium gets direct debited out of my bank account after Australian Policy Traders have paid me for my policy?

15. Why do Australian Policy Traders buy old Life Insurance Policies?

16. Who do Australian Policy Traders on-sell the policies to & Can I invest in Traded Life Policies?

17. What happens if I die?

18. I have heard about the Viatical Market where there is trading in Life polices which requires someone to die before the investor is paid. Is this Australian Policy Traders?

 

1. Who are Australian Policy Traders?
Australian Policy Traders are the only Secondary Life Insurance Trader in Australia



2. How long have Australian Policy Traders been trading life insurance policies for?
Australian Policy Traders have been successfully trading life insurance policies for since 1999.



3. Which Life Co. do Australian Policy Traders trade with?
Australian Policy Traders trade AMP, MLC, AXA and Comminsure Policies.



4. What types of policies do Australian Policy Traders assess/purchase?
Australian Policy Traders assess all AMP Non Superannuation Whole of Life & Endowment Policies, MLC Non Superannuation & Superannuation Whole of Life & Endowment Policies, AXA Non Superannuation Whole of Life & Endowment Policies and Comminsure Non Superannuation Whole of Life & Endowment Policies with a Gross Surrender Value of over $4000.00.

Once a policy has been assessed we will determine if it is suitable for trade within the Secondary Market.



5. How long does it take to have my policy assessed?
From the original date of your enquiry with the Life Co./or ourselves, you can expect a 5-7 working days wait for the life company to supply us with the technical information we need for your policy.

Upon receipt of the necessary information, Australian Policy Traders will assess the policy and provide a written outcome within 1-2 working days.



6. Why is my policy Not Suitable? What is wrong with my policy?
There is nothing ‘wrong’ with your policy! Life insurance policies are structured specifically to individuals personal insurance needs so there are many different reasons why a particular policy will not be suitable for trade in the Secondary Market. Financial factors such as bond rates, investment markets and policy duration affect the suitability of policies to trade.

7. I received an offer from Australian Policy Traders – what do I do now?
All offers are valid for 10 working days, unless your Life Co. changes their bonus rates during this period or if the surrender value falls.

Complete the paperwork as per the instruction points on the front offer page and return the completed paperwork within 10 working days (If returned after that time we may need to recalculate policy value).



8. Does Australian Policy Traders give advice on the decision to sell my policy?
Australian Policy Traders do not provide any advice to you in relation to your decision to sell your policy. We only provide a market price. If you need advice, you should approach a licensed Financial Planner.



9. How long does it take to receive payment from Australian Policy Traders?
Australian Policy Traders process payments each week on a Friday via electronic bank transfer to a bank account that you nominate. Upon receipt and verification of all the necessary documentation from you, the proceeds will be deposited into your nominated account. Documentation needs to be received by 12 noon Wednesday to be paid that Friday.



10. Once I have been paid for my policy, what happens?
Australian Policy Traders will provide you with written confirmation of the payment processed and send the offer/transfer of ownership documents to the Life Co. to transfer the ownership of the policy from yourself to one of our investors.



11. How long does it take for the Transfer of Ownership to be completed?
Transfer of Ownership time frames vary between each Life Co., but 30 days is a general guide.



12. Do any of my details stay on the policy?
Yes, Your name as the life insured / original owner will still show on the policy document even though you are no longer the legal owner.

13. Why am I still receiving premium notices from the Life Co.?
During the transfer process you may inadvertently receive correspondence relating to the policy you have sold. If you receive any correspondence from the Life Co. after you have on-sold your policy please forward it on to Australian Policy Traders. Please note that once you have been paid by Australian Policy Traders you are no longer liable for any premium payments.



14. What happens if a premium gets direct debited out of my bank account after Australian Policy Traders have paid me for my policy?
It is your responsibility to ensure all premium payments are stopped and deduction authorities are cancelled with your financial institution and with the Life Co. at the date that you send the sale documentation to Australian Policy Traders.

Australian Policy Traders or its Nominee will not be liable for any overpayment of premiums after this date and no refunds will be made.




15. Why do Australian Policy Traders buy old Life Insurance Policies?
Australian Policy Traders buys old life insurance policies for investment purposes.



16. Who do Australian Policy Traders on-sell the policies to & can I invest in Traded Life Policies?

Australian Policy Traders will on-sell the policy to an investor. If you would like more information about investing in Traded Life Policies then we recommend you visit our sister company website www.outlookgroup.com.au

17. What happens if I die?
Under the Privacy Act Australian Policy Traders does not pass personal information about you onto the investor who buys your policy.

In the event of your death, one of two things would happen;


18. I have heard about the Viatical Market where there is trading in Life policies which requires someone to die before the investor is paid. Is this Australian Policy Traders?
No. Australian Policy Traders, only trade the Whole of Life and Endowment market in Australia.

The Viatical market is where an investor buys someone's Term Life policy (at a market price), and continues to pay the premiums until the Life Insured dies. The investor is then paid the Sum Insured.

This market generally operates in the USA.




 
ABN 86 643 032 654 Telephone: 1800 601 601 Email: contactus@austpolicytraders.com.au
Postal: PO Box 777 Spit Junction NSW 2088  Web: www.austpolicytraders.com.au
 Australian Financial Services Licence 253119
Privacy Policy: Financial Services Guide