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The surrender values quoted by many life offices often do not fully reflect the true value of the policy as a continuing contract, as such, many investors recognise that such policies represent a low to medium risk investment opportunity and are willing to offer for more than the surrender value. The new owner takes over the payment of future premiums and at maturity of the policy or death of the original life assured, receives all benefits from the policy. This trade is partially governed by a trade body, The Association of Policy Market Maker. TEP can offer a more attractive rate of return than fixed interest government bonds and is less volatile than a direct investment in shares. As TEPs are purchased mid-term, the policy already has a guaranteed value made up of the ‘Basic Sum Assured’ and ‘Bonuses Attaching’ and the initial charges have all been paid by the original policyholder. These bonuses, once declared, cannot be taken away. The sum assured and bonuses declared constitute …