Asked by Anonymous

If we do have whole life insurance now, should we cancel and buy term insurance to save premium costs?

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  • Charmaine Ng
    Charmaine Ng, The Code Breaker at @ Every Chye Peng Stall.
    Level 5. Genius
    Answered on 02 Mar 2019

    Do a calculation and honestly with inflation the surrender value etc. Is not going to be worth much in future. Most of all, evaluate your needs. If you're focusing on retirement, get a good retirement plan. If you're focusing on protection (disability) then get the right term insurance. It will be cheaper in the long term.

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