Encashing my life insurance policies

I asked for the current cash value of my life insurance policy, and the projected cash value in 10 years time. Based on the figures, I was able to compute the yield for the next 10 years. (NOTE: this is not the same as the actual yield for the entire duration of the policy).

Life insurance policies in my name
                   Yield
1. Endowment SP     5.4%
2. Living           1.7%
3. Living           2.9%
4. Umbrella         4.4%
5. Protection       4.0%

Life insurance policies in my wife's name
                    Yield
6. Endowment SP     8.4%
7. Living           4.1%

SP: single premium paid, ie no further premium payable

I have decided to give up policy #2, as it gives a poor return for the next 10 years. I will keep the other policies in force.

Some policies (eg #1 and #6) show a high yield for the next 10 years. This is due to the low surrender values now. It is better for me to keep these policies in force to earn a better yield.

All these policies are with NTUC Income.

If you wish to review your life insurance policies, ask your insurance company or adviser to provide the above figures to you. You can make a better decision.