Should I surrender my whole-life insurance for term-life insurance?

We buy over such plans, but we encourage you to top up term plan instead.

Look into why you bought the plans in the first place. If its for legacy, do keep it.

If its for potential retirement, maybe you might want to compare.

Hi Alex,

I think the policy has pretty sufficient coverage for what you are paying and it's pretty affordable. I would recommend to keep this policy as you have protection, as that is what this product is intended for.

In regards to buying term and invest the rest, I think there is no harm in buying term to enforce our protection because it is very affordable with high coverage. But if we are just reliant on this, then I would encourage you to purchase the term till 85 - 90 years old since the average mortality age in Singapore is 85 - 86 years old.

And investing the rest, there will be times where our investment returns might not be as what we had in mind, and in that instance we might choose to forgo our term insurance, but are you okay with not having any protection during that time?

This is just some of my thoughts, because I believe that from 26 to 32, you would have had increased your income, and 150/mth shouldn't be as big a pinch at 32 now as compared to then at 26.​​​