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Loh Tat Tian
08 Apr 2019
Founder at PolicyWoke (We Buy Insurance Policies)
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Luke Ho
08 Apr 2019
Founder and Director at CFX Money Maverick Pte Ltd
Ask yourself why you want to get out of the whole life plan.
I do think you should really speak to a consultant like myself who has a lot of experience dealing in this area.
Typically what I'll do is do some calculations based on 1) how long you've paid for the policies, 2) how much you could stand to lose, 3) whether it's worth keeping in relation to the value of the policy (some whole life policies are extremely good), etc.
I'll also calculate what will happen if 4) you buy Term and how I can help you invest the rest, 5) what kind of yield is required to break even on losses and make some gains that are higher than the whole life policy, etc.
ADDing on to what I copied and pasted from a similar answer, I've dealt with old AIA plans and GE plans from the 1990s. These tend to have really high cash values, so I think it's very important for a professional like myself to make sure you don't surrender it needlessly.
Please do contact me so I can help you with this.
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Since Luke has mentioned the steps before surrender, I would focus more on what to do next (but I do not advocate surrender because of the lost of opportunity).
Do approach me to find out how traded Endowments and life plans can help you. I am able to find the market makers to give you a better surrender value.