Whole life policies

Hi, Mr. Tan,

I have two whole life which I bought in 1994 and 1995. I am now a pensioner. Should I continue with the policies? I wish to convert them into a life annuity, but I was told that it is not possible. The return from buying insurance is not very encouraging as the returns have been revised downwards in the past years.

REPLY:

You can ask the insurance company to quote the cash value of each policy as follows:

a) if you terminate the policy now
b) if you terminate the policy in 5 years time
c) premium payable for the next 5 years
d) if you temrinate the policy in 10 years time
e) premium payable for the next 10 years

You can make a better decision when these figures are available. You can show me the figures and we can decide together on which option is best for you.

Read this FAQ:
http://www.tankinlian.com/faq/exist.html