Question on Life insurance

[nitecrawllerr]

Bought a Living Insurance Policy since 1997.

Sum insured at $50K

If surrender now, would get @ $37K

Currently Mid 50s of age

Yearly premium $2000/-

Can any bros advice whether its worthwhile to continue with above policy?

Or should i just terminate since surrender value not far from sum assured?

Thanks in advance.

 

[ginfreely]

Yeah sounds good to terminate since the cash value is so near to the sum assured and premium so high at $2000.

 

[nitecrawllerr]

Yeah sounds good to terminate since the cash value is so near to the sum assured and premium so high at $2000.

Tks.

I thought so too. If theres another policy that can link my present one, increased in the sum assured, i dont mind. But of course yearly premium would increase too considering my age.

 

[Leongsam]

Can any bros advice whether its worthwhile to continue with above policy?

Or should i just terminate since surrender value not far from sum assured?

Thanks in advance.

How much would you get if you kicked the bucket?

If you do expire, will your family still need financial support at this stage of your life?

 

[winnipegjets]

How much would you get if you kicked the bucket?

If you do expire, will your family still need financial support at this stage of your life?

$50k is all he gets when he passes on and that is small change, make little difference in sinkapore.

 

[Leongsam]

$50k is all he gets when he passes on and that is small change, make little difference in sinkapore.

Nope if the policy has a surrender value it means it is a whole life not a term policy. Upon his demise, he [family] gets $50k PLUS all the bonuses PLUS whatever riders he may have on the policy.

I have an insurance policy still running for the same amount. I cashed in a couple of others but kept this one because it has a medical rider of $250,000.

Never give advice on insurance policy matters without knowing the details.

 

[winnipegjets]

Nope if the policy has a surrender value it means it is a whole life not a term policy. Upon his demise, he [family] gets $50k PLUS all the bonuses PLUS whatever riders he may have on the policy.

I have an insurance policy still running for the same amount. I cashed in a couple of others but kept this one because it has a medical rider of $250,000.

Never give advice on insurance policy matters without knowing the details.

Haen Ah, I didn't give any advice to him. Just replying to you. Kam sia for your advice ah.

 

[Leongsam]

Haen Ah, I didn't give any advice to him. Just replying to you. Kam sia for your advice ah.

You may not have given any advice to him directly but you responded without knowing what you're talking about.

 

[winnipegjets]

You may not have given any advice to him directly but you responded without knowing what you're talking about.

Where shall I hang my head in the hall of shame? :*:

 

[Leongsam]

Where shall I hang my head in the hall of shame? :*:

There is no need for that. All you have to do is remember that in future, before you make any comment or pass judgement on anything, it pays to find out a bit more first.

 

[Enjoy777]

Bought a Living Insurance Policy since 1997.

Sum insured at $50K

If surrender now, would get @ $37K

Currently Mid 50s of age

Yearly premium $2000/-

Can any bros advice whether its worthwhile to continue with above policy?

Or should i just terminate since surrender value not far from sum assured?

Thanks in advance.

1. Is there a critical illness rider attached? If yes, the old CI definition is better than that of present day. Also depends on which insurer.

2. Look at a term cover for $50k (with or without the critical illness cover). Does it cost more than $2,000 for your age now? But note a term cover does not have cash value.

3. Please remember, your annual premium of $2,000, has a cash component and bonus component. There is cash value.

4. Usually worthwhile to continue a life policy especially more than 20 years of paid premium already. Bonuses escalate from 20 years mark and 30 years mark.

Recommend to keep policy.

Enjoy !

 

[ray_of_hope]

Unless the $37k is needed urgently for some purpose or it can be deployed to earn a better return, then it seems there is little reason to cash out now.

 

[Sideswipe]

when does the insurance policy end ? this is the important point at issue. i doubt people want to keep paying the premium into their mid 70s... TS should consider cashing out the policy now if the policy still has a long time to run, like twenty years before expiration. retain the policy if he wants to leave behind the insurance money for his family.

 

[ginfreely]

Tks.

I thought so too. If theres another policy that can link my present one, increased in the sum assured, i dont mind. But of course yearly premium would increase too considering my age.

If you are talking about increasing the sum assured by buying another policy, beside yearly premium would increase with age, also must consider whether any illness since 97 to now that will end up as exclusion in new policy. Must make sure buy and settle new policy first before terminating the current one.

 

[Narong Wongwan]

If you need the money and never lugi much then just cash out (note value of money drop liao).
Some years back I cashed out a policy halfway after 15 years.....still short of a few thousand the total amount i put in.....treat as insurance premium.

 

[nitecrawllerr]

Tks SAM and the rest of u guys/girl for those advice.

Will have to make an appointment with my agent again.