Should I surrender my older Whole Life Policies with life long premium payment? For the newer ones with shorter & cheaper premium periods (eg Aviva, manulife,hsbc,etiqa?)?

Hi there, I have 2 older whoe life policies(50k,50k) w CI coverage, bought for me when I was younger. Now, at 21, I'm looking to take over the payments, however I realised that there are better options nowadays, with shorter/some even cheaper premium payment terms(20 yrs). Should I surrender my older ones to sign up for the newer whole life policies? Could you guys also recommend what other Insurers plans i could consider?

AVIVA MyWholeLifePlan Manulife Life Insurance

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Loh Tat Tian

02 Oct 2020

Founder at PolicyWoke (We Buy Insurance Policies)

If you are looking at coverage, you should be buying term plans.

If you are looking for forced savings, CPF SA might be better.

If you are covering both, Whole life plans can, but compare it with the two options and do an apple to apple comparison instead.

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Duane Cheng

25 Aug 2020

Financial Consultant at Prudential Assurance Company Singapore

Hi there,

From my own personal experience, AIA prime life has a very good accumulation function. With the limited premiums and projected value at retirement, doing the math makes it logical to keep it. This can be primarily due to the low assurance costs of the policy, when it was designed.

You can aggregate your current coverage with any new additions you might want to take up, to form your portfolio. It would do you well to ask around to get quotations, to get an understanding of what other advisors have to offer for yourself as well as a better gauge on how policies are priced in the market.

Hope i was able to answer your queries! If you have any queries pertaining to what I have to offer, do drop a contact request, and I can arrange a consult with you.

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