I have bought a vivolife policy 2 yrs ago. Recently, I am thinking of increasing my coverage as I am planning to start a family soon.
After reading your blog, I am thinking of the following: switch to term plan and invest my savings on equity personally. Do you think it's advisable?
Please read this FAQ before you take your decision to terminate the Vivolife policy.
If you terminate the policy now, you will lose a large part of what you have paid during the past two years. If you look at the cost for the next five or ten years, you can get a better idea about the advantages of making a switch.
You should also find out the cost of the term insurance policy and critical illness coverage.
It is advisable to take up a term insurance policy, rather than a whole life policy, but a decision to terminate an existing whole life policy has to be considered separately on its merits.