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Anonymous
Should I surrender my whole life insurance that my parent bought for me 24 years ago?
My parents bought for me a whole life insurance from prudential since I was a kid and has been paying premiums of roughly $120/month.
they have been paying for 24 years and it covers me 80k for life and TPD and some for CI.
The policy currently has a surrender value of $34k. When I called in and check, the premiums my parents paid for the past 24 years totaled to $34k too.
which means there isn't any earnings?? my FA advise not to surrender. I have gotten my own term life which covers me 500k.
i don't know if I should still continue this whole life when the term life already provide term sufficient coverage. I would rather surrender it and save the $120 myself since the whole life doesn't seems to be growing.
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Another option is to see if can sell your policy to a 3rd party . Example like TES
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Leave it bah. You never know when you need it when unfortunate circumstances
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Javier Tan Yan Kai
17 Oct 2022
Actuarial Analyst at AIA
Just leave it. Use it to cover early ci
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No, explore alternatives....
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I would suggest spoke to your Insurance agent if you have one and see which one can be surrendered if you needed but don't surrender everything.