Manulife Retireready - limited pay 10 years

Hi anon,

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Given that you are halfway through paying the plan, it is probably best that you finish the plan. RetireReady has a decent guaranteed yield on the market.

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I suspect the main issue here that applies not just to you but most people who buy standalone products when placed in a siutation like yours is that it is likely that your complete financial situation wasn't taken into account. Your situation is not the first time I'm seeing something like this. I've also met clients who were sold products that turned out to be unsuitable but they were under pressure at a roadshow/bank, etc or lured by some freebie, which is a very common mistake.

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Having said that, my first recommendation is for you to find a way to finish paying the plan. As they always say, early termination will lead to financial loss. Try your best to finish off the policy as you're left with just 5 years.

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If you're not able to continue the payments, you can either opt to

1. Choose to reduce the sum assured so that your premiums are reduced
2. See if a reduce paid up option is possible, which will reduce your $500/mth payout in retirement.
3. Sell off to a resale broker such as Policy Woke, who may be able to quote you a better price than surrendering directly to the insurer.

Hey there, you can choose to either

1. Opt for reduced paid up option
2. Ask for a reduction in sum assured with "shrinks" this policy. This wil reduce your premiums there after, and reduce your payout at 65.
3. Sell it to a third party, there are a few providers who do that, but it will be at a loss at this point. This is one provider: https://plannerbee.co/learn-personal-finance/what-happens-when-you-prematurely-terminate-your-insurance-policy/