Posted 2w ago
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
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.
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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