Should I terminate my existing whole life policy?

Questions:

Currently I have a policy "Young Family" with NTUC. I have been paying a monthly premium of $154.50 since 1984.

As this is a life policy, it means that I will be paying premiums for nearly the rest of my life. I am already 59 and retired, and I am thinking of cashing out (about $51000 now) at this point.

As I have 2 children (aged 20, 26) who are almost done studying , I am also looking around for a good term policy available to seniors which will be for 5 or 10 years.

Although one of your officers at NTUC suggested buying an annuity, I do not think this is a good proposal as I am keen on buying a low cost term insurance which can cover for 5 to 10 years.

Does NTUC or other insurance companies plan to offer low-cost short-term policies for seniors?

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My reply:

I suggest that you should continue the young family policy for another 5 years and terminate it at that time.

You can ask NTUC Income to tell you about the following:

* cash value now
* cash value in 5 years time (projected)
* total premiums payable for the next 5 years
* term insurance for 5 years

You can make a better decision, after getting the figures.

You can visit the business center at Bras Basah Road and talk to a consultant.