Dear Mr. Kin Lian Tan,
I have a Living policy. I decided to terminate it, but the premium I paid until April 30. I have contacted the insurance company, but it seems that it is impossible to get back unused premium. Is it fair?
They will pay you a cash value, which is lower than the premiums that you have paid. The difference goes to pay the expenses, commission, mortality charges and profit margin.
You can compare the cash value against the projected amount that was shown to you at the time that you bought the policy. You should get back the guaranteed cash value and some or all of the non-guaranteed value.
There is no refund for any unexpired portion of the current year's premium.
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