02 Dec 2020
Should I terminate AIA plan full or just the CI component only?
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02 Dec 2020
Senior Financial Services Manager at Phillip Securities (Jurong East)
You might want to ask yourself why you're terminating your plan. Is it because of a Budget issue? If thats the case, how many WL plans do you need? If death coverage is something you are looking at, a term plan can suffice for a period. Your CI coverage will be sorted out by the Aviva multipay plan and China TP WL ECI rider.
You may not be able to retrieve back your cash value in full if you terminate it prematurely. So do consult a licensed financial advisor to explore your options.
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Without a full understanding of your situation it will be hard to comment on what you should do exactly.
Why did you get the i-Secure for? If it is for additional coverage, you should not have to terminate the AIA plan as your AIA plan would be in force for a while already.
Without the CI rider on the AIA GPP, there isn't much purpose to have a whole life plan that pays on death/TPD as that is very expensive.
I'd suggest that you have a discussion with the advisor you bought the CTP plan from as he or she is probably going to have a better understanding of your situation and your needs than I can (at least over the confines of this platform)
Remember that early termination will result in financial loss, and that you cannot expect much back in terms of the surrender value. You also lose coverage based on older CI definitions (if that is a concern for you)
I hope you will be able to get some inputs from the advisor whom you bought the CTP and Aviva plans from. Good luck!