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MATTHEW WONG

Edited 20 Sep 2022

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MANUPROTECT LIFE 20: Total Guaranteed Surrender value less than Total premium paid. Surrender to buy Term insurance or Invest the money in Robo-adviser ?

I bought a whole life insurance(ManuProtect Life 20) with premium $130/month (20yr payment terms) in 2015. It covers for CI, TPD, death benefit. The guaranteed surrender value is lesser by 5~6k than total premium paid in year 20th.

Should I consider surrendering it now to purchase a cheaper term insurance or continue until maturity or invest the money in Robo-adviser ??

At the time being, I'm 51, don’t have any others term insurance to cover with CI, TPD and death.

Appreciate an advice, thank you very much :)

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Cherie

05 Oct 2022

Hi there! whole life insurance's main purpose is for coverage, so i would determine the worth based on total paid vs total coverage and not cash value.

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Jenny Lee

23 Sep 2022

If there's no other insurance, I'll advise on keeping this whole life insurance. Cash values may not be as good but it's main role is for insurance. Also, what's the cash values when you retire say at age 65?

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Albert Tan

Edited 20 Sep 2022

Financial Literacy & Partnerships at MoneyOwl

Hi Matthew,

The consideration should depend on a few factors. Do not act from "advice" you read ...

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