facebookWhat are your thoughts for a single status retiree: 1. Converting the life policies to cash for retirement or 2. Changing the life policies to paid up policies? - Seedly

Anonymous

18 Apr 2019

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What are your thoughts for a single status retiree: 1. Converting the life policies to cash for retirement or 2. Changing the life policies to paid up policies?

AMA Christopher Tan

Discussion (2)

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Hariz Arthur Maloy

04 Feb 2019

Independent Financial Advisor at Promiseland Independent

If you're single, you may not require any death coverage on your policies. If you're holding on to any WL policies without CI coverage that are also pay WL, then it may make sense to do both. Convert them paid up plus do partial surrender when you require the money.

However, if you're still looking to grow your money while in your retirement years, your WL policy right now would usually provide you a steady growth as an investment asset.

But lastly, if there's any CI coverage on the policy you require, it may make sense to hold on to it if you don't have any other CI options.

Luke Ho

02 Feb 2019

Founder and Director at CFX Money Maverick Pte Ltd

I always figured if I outlived my wife (really hope not) that I'd sell my whole life policies and go on cruises. So that would be my straight up opinion. It has nothing to do with professional advice that I usually give.

Professionally though - it's too vague of a question. Are you absolutely sure you don't have things you want to do with the life policies? I'd love to have a income-generating legacy for the social center I used to work with so that poor kids can go to school or afford books.

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