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Is it possible to speed up my premium payment for Whole Life Insurance?
I currently have Prime Life Insurance from AIA. I have to pay premiums until 100 years old (nearly 2100). My current annual premium is about $700.
For such policies, is it possible to speed up payments while still being covered? E.g. Finish paying by 60yo by doubling or even tripling annual payment.
Thank you!
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Elijah Lee
04 Apr 2022
Senior Financial Services Manager at Phillip Securities (Jurong East)
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Hi anon,
Prime Life is a very traditional policy from many years ago, traditionally such policies were structured to be payable for whole of life.
You can't increase the premium amount to 'speed' it up, but one thing you can consider is to convert it to paid up status if possible (you'll have to check with AIA for that). Then you won't have to pay any more and you'll continue to be protected. Do note that this will ultimately affected the sum assured, but at least you won't have to pay any more.
If your policy has CI coverage, best to keep it. The payout will increase over time as bonuses get added to the policy.