facebookMy parents bought for me a whole life insurance policy for over 20 years, should I keep it? Or surrender it to ‘Buy Term, Invest the Rest’? - Seedly

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Anonymous

15 Jan 2021

Events

My parents bought for me a whole life insurance policy for over 20 years, should I keep it? Or surrender it to ‘Buy Term, Invest the Rest’?

Discussion (5)

What are your thoughts?

If you have other life plans, and the coverage is enough for you, you can consider to terminate it.

Loh Tat Tian

Loh Tat Tian

05 Apr 2019

Level 11·Founder at PolicyWoke (We Buy Insurance Policies)

I never advise to surrender unless the policy is really bad coverage, bad wording, bad IRR and low yield to maturity.

I advocate really understanding the whole life insurance. Surrendering is not a word to be taken lightly. Although, I might want to take over your policy if that is the case (I mean if yield is good, who wouldn't right).

I would rather top up the difference (or gap) of coverage with term to BTIR.

I believe u got ur answer. Let me touch on the strategy buy term and invest. Many people know this t...

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