AMA Christopher Tan
Asked by Anonymous
Asked on 21 Jan 2019
Top Contributor (Sep)
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.
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.