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Posted 2w ago

Regret having two savings plan? What should i do?

2 years ago, i signed up for

1) AXA wealth accelerate ($350/m for 20 yrs)

2) AIA smartwealth ($250/m for 12 years, plus 12 years of further compounding)

I also started robo investing at same time and have $130k in it.

My monthly expenses is low but including insurance & 2 savings plan mentioned, it is $1200.

I intend to semi retire in 5-10 years time (currently 32). I feel like it will be faster to reach semi retirement if monthly expenses is $600 less. What would you do if you were me


8 answers

Discussion (8)

If I were you, I wouldn't cancel. I'll take it as a forced savings. Cuz if I were to surrender, I'd lose money. You can check the surrender value in the policy document. Tbh, 600/month in savings isn't alot anws, considering you can afford to semi-retire in 5-10yrs. I personally don't like to lose money. So I wouldn't mind keeping.

If you die die wanna cancel, check the current surrender value. Are you able to:

1) Take the loss?

2) Re-invest to make back the loss? Cuz cash is not king. You'll lose it to inflation.

3) Do you have somewhere else to re-invest that can hit the same or better returns with the same or better risk?

Just my 2cents worth. You do you.

Edit* After looking at Leo's ans. I think policypal can buy over your plans. Idk how much you'll lose, but it should b lesser than surrendering the policy straight. Sorry sell to policywoke, not policypal. Got mixed up.


2 more comments


2w ago

Yup I edited some time ago. Was thinking of yall, not them!



2w ago

Thanks rogersk.




Level 2. Freshie

Posted 2w ago

Treat your saving plans as a bond. They are capital protected. $600 per month is still manageable if you are drawing $3-4k salary.





Level 12. Master

Updated 2w ago

I second @rogersk opinion.

about 5 years ago, I took a lost of about 30-40% on a policy after payin...

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