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Anonymous

18 Apr 2019

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I bought an ILP 3 years ago and want to surrender and change to a whole life plan with limited pay, to reduce premium that I will be paying for similar coverage on death, TI, TPD, CI. Should I do it?

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Hariz Arthur Maloy

22 Oct 2018

Independent Financial Advisor at Promiseland Independent

Cancelling an ILP 3 years on could mean that you're losing almost all of your accumulated Net Asset Value.

You could try reducing your premium amount with the ILP, changing the investment allocation to as low as possible, and then buy a WL plan to top up your coverage needs.

Or do the exact opposite, to keep it and reduce the sum assured to as low as possible and use it as an investment wrapper.

Cancelling is not always the best option.

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