Should i surrender or not?

Many information was not given thus some assumption I am going to make.

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You might have been paying for 8 years so $8000 paid so might lose the $8000 but check with GE on your actual loss.

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If you are saying you need to pay till 60, then you might contribute a total of $36,000? then from 65, you get $500 per month till you die. Means per year you get $6000. If it pays you till you pass on, then an average male, assuming you are live to 82 years old staristically in Singapore, then your total return is $102,000.

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see if this calculation might help you decide. Personally, I would continue as insurance is a game of odds, you beat the odds, you take more. And these are the odds of life. For me, it forms a cash flow and an additional stream of income in old age.

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If you can grow your yearly $1000 by 5% per year, from 32 to 65, then you can beat that odds. Simple on calculation but not an easy feat.

I calculated roughly if from 32 to 65, you take that $1000 annually and get a return of 5% consistently, by 65 years old, it would only grow to ~$48,000.

How long have you been paying for it? It really depends on the tenure, your time of purchase and other factors.