Is it possible to speed up my premium payment for Whole Life Insurance?

Hi anon,

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Prime Life is a very traditional policy from many years ago, traditionally such policies were structured to be payable for whole of life.

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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.

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If your policy has CI coverage, best to keep it. The payout will increase over time as bonuses get added to the policy.

Hi Chip, Prime Life is a relatively old policy. I do not believe there is such thing as to "speed up payment". However, I understand that at some point in this policy, there is a break even point so if you do not want to pay till 100, you will need to look for the break even point and surrender the policy at that point.

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But you should consider the following:

1) Is this your only insurance policy?

2) If you surrender, would you need to get a new one?

3) Are you healthy enough to get a new policy if you surrender?

4) If you need to get a new one, which one would you get and how much money would you need to top up?

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Hope this helps.