Asked by Anonymous
Updated on 18 Apr 2019
The wisest time to redeem a life insurance is at the expiry of your life
It really depends on the life insurance policy that you currently hold and your current age group. Shed more light on those information and I believe that we would be able to assist you further in your questions
Some ways you can compare to see if it's worth keeping it
If you only have to pay for a limited time for a lifetime coverage, I would suggest to keep it as it covers you till age 99. Unless you are able to find a term insurance with higher coverage and lower premium, which brings me to my next point.
I am assuming you got your life insurance couple of years back, if you were to get term insurance now, how much the insurer would charge you for premiums would def be higher because you are now older. So doing this would help you see if it is "wiser" to make a switch.
There is no textbook answer for this, but I feel it is best if you are able to work around your life insurance by adding term insurance during stages of your life where you are highly depended on.
Most of the time it is not wiser matters, I think it would be figures (Absolute numbers matters).
Do a comparison and the number will give you the idea to make the decision.
But typically if you are already holding a life insurance for a long time, the default option is to hold it if it is not that taxing to you financially, just leave it there.