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James

03 Sep 2020

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Lapsed Personal Accident policy since 2017. What are my options?

I have an personal accident insurance policy (AIA Solitaire Personal Accident) bought in Nov 2014 with a coverage of 100k. It has lapsed because I didn't pay the annual premium of about $300 since Nov 2017.

What are my options. Is it better to surrender/terminate the policy and buy a new one? Will I get back any cash value? Or to reinstate it by paying the missed premiums with interest? What are the factors to consider?

AIA Solitaire PA Personal Accident

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Duane Cheng

03 Sep 2020

Financial Consultant at Prudential Assurance Company Singapore

HI James,

If you lapsed your policy back in 2017. Your policy would have ceased, and you are no longer covered by this policy. PA policies are term policies with no cash value, and are guaranteed issuance policies.

You can just take up a new PA policy should you require coverage for accidental outpatient treatment. Do look around to see which policy serves you best!

Hope i was able to shed some insight!

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