I currently have a pru multiplier flex 3x life insurance, monthly premiums is $200. I realised that term suits me better. Should I surrender and what's the cheapest term coverage? Im 27 male.

It is generally recommended that a person should have at least one whole life policy in order to cover critical illness for life, with risk increasing as a person gets older. Some argued that you don't need because you no longer have loss of income concern (but medical insurance don't covver for all sorts of treatment), or that you can self insure at old age, but most older people don't become rich enough to self insure. The money they saved maybe just enough for their retirement (if they are lucky), and assuming they don't fall critically sick.

IMO, I would always have some whole life as a fundamental coverage, as this is coverage for life or usually up to 99 years old. Afterwhich, i top up with term insurance as i grow older, or start having dependents.

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