facebookMy parents bought for me a whole life insurance policy for over 20 years, should I keep it? Or surrender it to ‘Buy Term, Invest the Rest’? - Seedly
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Anonymous

15 Jan 2021

My parents bought for me a whole life insurance policy for over 20 years, should I keep it? Or surrender it to ‘Buy Term, Invest the Rest’?

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    What are your thoughts?

    If you have other life plans, and the coverage is enough for you, you can consider to terminate it.

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      Loh Tat Tian

      Loh Tat Tian

      05 Apr 2019

      Level 11·Founder at PolicyWoke (We Buy Insurance Policies)

      I never advise to surrender unless the policy is really bad coverage, bad wording, bad IRR and low yield to maturity.

      I advocate really understanding the whole life insurance. Surrendering is not a word to be taken lightly. Although, I might want to take over your policy if that is the case (I mean if yield is good, who wouldn't right).

      I would rather top up the difference (or gap) of coverage with term to BTIR.

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        I believe u got ur answer. Let me touch on the strategy buy term and invest. Many people know this t...

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