What should I do if my agent recommended me a better whole life plan than the one I am currently holding? - Seedly
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Tracia Tok

Asked on 09 Mar 2019

What should I do if my agent recommended me a better whole life plan than the one I am currently holding?

My agent has recommended me to change my whole life insurance from AXA life exential & life exential prime to Aviva my whole life plan II. Both premium term are 20 year and the coverage difference is the critical illness while the Aviva is cheaper by 1k. So what should I do? Should I change to Aviva?


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Luke Ho
Luke Ho, Money Maverick at Money Maverick
Level 7. Grand Master
Answered on 06 Apr 2019

There are too many factors involved for you to determine that one is better by price. A 5 year old could do that.

You used the word 'change' which suggests that you already bought one. This also means that surrendering one will have a cost to you. As mentioned below, plans will likely get better over time.

Make sure it's an apple to apple comparison. If there's a premium difference, you should figure out why and the agents will likely tell you (they have different positioning).


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Frankly, products will only get “better” as time passes. Do know that your previous decision was the best decision at that time. We can’t possibly be changing always, can we?

Factors you may want to consider that may help you in your decision:

  • How long have you had your initial plan?

  • Does your policy comes with cash value?

  • Is that Critical Illness coverage important to you?

  • What are the stages of CI does the new proposed plan cover?

  • What are the claim process for both companies if any misfortune occur? The ease?

A $1000 savings from the switch is attractive especially when a stand alone CI coverage policy will usually cost more. The savings can also be used for other plannings which you have been trying to start.


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Must compare same coverage first off. Apple to apple.

Next look at difference in total premiums paid and then minus what you already paid to AXA. Eg. total for Aviva 50k, Axa 65k. Only paid 5k to Axa so far. So financially it makes it worth to switch.

Lastly, do also check the projected cash values at premium maturity, 65, and maybe 80 years old, should you feel the need to access the cash value of the policy.

This is not a recommendation, but a guideline. I am unable to truly advice without looking at your overall portfolio and doing a needs analysis and a cost benefit illustration.


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