Should I terminate my insurance policy as there's an overlap in coverage with my other life policy?

Hi anon,

Your savings plan endowment policy will come with death coverage by default. The purpose is for long term savings and I would not say that there is overlap in coverage as your other whole life policy's purpose is to provide CI coverage for whole of life.

While the surrender value may seem lower than your premiums at the point of inception of the policy, reversionary bonuses credited to your policy over time is guaranteed and this will over time, raise the maturity value of your policy. A revised policy illustration (which you can request from the insurer) will give you a better idea of the value of the policy now, and what it may be in future. Policy values tend to get a big jump upon maturity, as well as certain defined intervals (depending on the plan).

Ultimately, without knowing the exact values of your policy, it is a little hard to give specific advice. You may want to look at the revised policy illustration for starters.

It is not really an overlaps as these policies served 2 different purposes