18 Apr 2019
Whole Life insurance to pay for 20 years, enter at 2011 Oct. Sum assured 101k. Paying $300.45 per months premium, already paid $24,636.90. Surrender value at $9,481.50. Is it worth it ? It seems not worth it. Is worth cancelling ? If not is there a way out?
Loh Tat Tian
25 Jan 2019
Founder at PolicyWoke (We Buy Insurance Policies)
I'm running a business that deals exactly with your situation.
But my general advice (which is FOC), is to keep the whole life insurance until at least 70-80 years old before even considering to surrender.
Unless you wish to know more (which includes understanding the exclusion list etc), then you may wish to have a non-obligation chat with me.
20 Jul 2018
Sustainable Spender Specialist at Spender Bang
You need to see the Benefit Illustration on the guaranteed part and non-guaranteed part.
Worth it or not, whole life insurance are designed for "whole life" or up to XX age stated by the insurer. You need to revisit why you purchase this insurance , is it to leave a legacy behind? or for emergency situations such as death?
If you had been paying for about 7 years, the average break even point is normally 10-15 years period, but this also means you will lose those opportunity cost over the years for the funding.
Not looking into exact calculation, but most cases like yours, the "typical" advice will to keep it. Do speak to an advisor or someone have more knowledge to give you some 3rd/4th opinion.
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