Saturday, March 01, 2008

Surrender a life policy

Dear Sir,
Your Blog is much useful to many people. Unfortunately I have not come across before taking many of my insurance plan. Most of them were taken without having prior knowledge about it.

I have Company X Endowment policy under my wife's name taken 3 years back. I need to surrender it. Is it possible to do it now? If so, how much I may be getting in return?

I do not need this plan as I am now in out of Singapore. My current employer is covering insurance for whole family in this country. I was in Singapore for the past 7 years.

I hope that this FAQ can answer your question:

You should ask Company X to quote you the cash value now, and in 5 years time, so that you can make the correct decision.


Anonymous said...

I assume you are a foreigner . You are not alone. This happens to many others too. I know insurance agents misrepresented your and lied to you. That is why you ended with an endowment.

Anonymous said...

Even foreign maids were not left alone. They were made to buy whole life and endowments by some unscrupulous agents..They are not appropriate products.

Anonymous said...

What you need is a high coverage term
plan and PA . Your domicile seems uncertain. Constant travel puts you at risk .For investment or saving you need something that is easily liquidated without loss to capital. Endowment or whole life will incur large losses.

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