Should I surrender my whole life policies?

It may not make sense to get term insurance of the same coverage. The cost of insurance has increased. the premiums saved may not be of significant too.

But if you want facts and figures, do PM me and i can give you the yield of the policy for your reference, and if i can buy over them.

Hi anon,

Judging by your cash value, you've had these plans for a while now. The compounding effect in play will actually help your cash value grow faster. You will instead want to evaluate the suitability of these plans. If they have CI coverage, then I would recommend keeping them. If they are purely for death cover, then if you can sustain the premiums, keep them till a point where you have no active income to pay premiums, and then you may consider utilizing the cash value for retirement.

Replacing them with a term insurance may not be a like for like comparision, because the premium payment term of a term plan is pretty much forever till the plan ends, and the payout, if any is flat. An older whole life plan like yours may require payment for many years, but if a payout is triggered, the payout will include cash value which will be a natural inflation hedge against whatever you may have claimed for. Consider instead a term plan for the purpose of topping up your coverage needs.