Sunday, October 25, 2015

Review a life insurance policy taken 20 years ago

Hi Kin Lian,
I would like you to review my insurance policy with AIA. It was bought many years ago and I'm still paying it via a monthly deduction. Its been going on for more than twenty years. Can you tell me what documents I'll need to prepare and HOW to obtain them?

You have to get the "Post Sale" Benefit Illustration from AIA regarding your policy.
You can register your case here:


Anonymous said...

If your children are grown up and you have no need for the insurance, just terminate it and cash out before the cash value shrinks further.
Did you know in life insurance parlance whole life and endowment are know as PERMANENT insurance? Why known as permanent insurance ? Because it is a permanent source of revenue for insurance companies. As long the policy is in force it is paying the insurance companies some money for the cost of insurance and profits. Cost of insurance is revenue to the insurers.Even with limited pay insurance , your policy continues to pay the company from your cash value even after you have fully paid ...permanently as long you don't surrender.That is why they discourage you not to surrender , with all sorts of excuses, right?
Consider terminating your insurance polices after they have served your purposes. It is a waste of money to continue. You only contribute to the companies.

Anonymous said...

Cancel it if you don't need it because the return rate is eaten up by increase in insurance cost. If you are above 65 you might even be experiencing negative rate of return.
Cancel it or hold it till claim. This means you don't care about cash value.

Blog Archive