Any disadvantages if i terminate my existing insurance plans and get new ones from other companies?

Hi,

You can easily calculate the total premiums payable for both plans and determine which is more worth it. From my experience, there is not much difference whether it is a limited payment term or full payment term. The premiums are calculated based on your entry age to the end of the term period and divided by the payment term. Hence, even if it is a limited payment term, the annual premium would have factor in the total premium payable for the whole life of the term period.

Furthermore, whole life plan has cash value, it will definitely be more expensive compared to a term plan. The only way you would lose out is if you live pass age 100 if not it is definitely a win for you.

You do not need to worry too much about the premium at your old age either. At your current age, the premium for your term plan shouldn't be too expensive. Furthermore if you have children in the future, they will definitely pay the premium for you since the payout will eventually be given to them.

As for whether there is any disadvantages for terminating your term plan, besides what the others has already shared, the loss for you will be the first few premiums that you have already paid to the company.

To be honest, the insurance company will be happy if you choose to terminate the policy because the odds are you will definitely profit from them if you hold on to this policy. Hence, my advice is not to terminate your current term plan.

Feel free to contact me (email at bio) if you have any other questions about insurance.

Cheers.

No disadvantages but agree with others that you should wait for the waiting period of the new policy to be over before you terminate your existing insurance.

Not sure why your agent recommends a term till 100 because you will do better with a whole life.

If you can afford the premiums for whole life at the coverage you want, go ahead. Some people opt for term insurance because they cannot afford the premiums for whole life even though it’s limited pay usually.

And yes, please find another agent. Not one who is experienced in selling but one who is helpful enough in claims (especially with policies like PA, hospitalisation, etc).

The after sales service is super important I feel but it’s really a test drive. Ask a lot of questions before you buy. :)