ow ment ▁Pol ic ies ▁( TE P s ) ▁or ▁Second ▁Hand ▁End ow ment ▁Pol ic ies ▁( SH EP s ) ▁are ▁conventional ▁( s ometimes ▁referred ▁to ▁as ▁traditional ) ▁with - prof its ▁end ow ments ▁that ▁have ▁been ▁sold ▁to ▁a ▁new ▁owner ▁part ▁way ▁through ▁their ▁term . ▁The ▁T EP ▁market ▁enables ▁buy ers ▁( in vest ors ) ▁to ▁buy ▁unw anted ▁end ow ment ▁policies ▁for ▁more ▁than ▁the ▁surrender ▁value ▁offered ▁by ▁the ▁ins urance ▁company . ▁In vest ors ▁will ▁pay ▁more ▁than ▁the ▁surrender ▁value ▁because ▁the ▁policy ▁has ▁greater ▁value ▁if ▁it ▁is ▁kept ▁in ▁force ▁than ▁if ▁it ▁is ▁terminated ▁early . ▁ ▁When ▁a ▁policy ▁is ▁sold , ▁all ▁benef icial ▁rights ▁on ▁the ▁policy ▁are ▁transferred ▁to ▁the ▁new ▁owner . ▁The ▁new ▁owner ▁takes ▁on ▁responsibility ▁for ▁future ▁prem ium ▁pay ments ▁and ▁collect s ▁the ▁m atur ity ▁value ▁when ▁the ▁policy ▁m atures ▁or ▁the ▁death ▁benefit ▁when ▁the ▁original ▁life ▁assured ▁dies . ▁Policy hold ers ▁who ▁sell ▁their ▁policies ▁no ▁longer ▁benefit ▁from ▁the ▁life ▁cover ▁and ▁should ▁consider ▁whether ▁to ▁take ▁out ▁alternative ▁cover . ▁ ▁The ▁T EP ▁market ▁de als ▁almost ▁exclus ively ▁with ▁conventional ▁With ▁Prof its ▁policies . ▁ ▁The ▁easiest ▁way ▁of ▁determ ining ▁whether ▁an ▁end ow ment ▁policy ▁is ▁in ▁this ▁category ▁is ▁to ▁check ▁to ▁see ▁whether ▁your ▁policy ▁document ▁mentions ▁units , ▁indicating ▁it ▁is ▁a ▁Unit ised ▁With ▁Prof its