Anonymous
Should I keep my WL policy bought by my parents when I was young?
I'm a 23-year-old female who just started working. I have existing WL, medical and personal accident policies bought by my parents when I was young. I intend to keep the medical and personal accident but I'm uncertain if I should keep the WL. The annual premium for the WL is $547 for 50k coverage. Should I keep this policy and top up with a term insurance? Or should I surrender and buy a term insurance instead? On top of this dilemma, I'm also keen on getting a critical illness insurance.
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Jason Sing
30 Nov 2018
School Of Hard Knocks And Life at School Of Hard Knocks And Life
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Loh Tat Tian
30 Nov 2018
Founder at PolicyWoke (We Buy Insurance Policies)
You might want to do a comparison table on the Whole Life you have bought. With that, it is easier to make a deicsion.
You can plot the premiums (right from year 1) and compare it with Buy Term, Invest Rest (with CPF-SA or CPF-OA as a benchmark), to find the best time to surrender, withdraw, or maybe just to keep the WL cover.
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The annual premium for the WL is $547 for 50k coverage
Do you have any dependents? If yes, do yo...
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Speak to a financial advisor who could provide you with a better assessment whether to keep your whole life policy. Whatever the case, do ensure you are covered for death, TPD, CI and ECI.