Existing whole life policy

Dear Mr Tan,
I am looking for an insurance plan to increase my cover. I was looking for some low-cost insurances (due to my increasing expenses), such as decreasing term insurance.

I bought a whole life policy about 2 years ago, paying almost $160 monthly (for 15 years). I read from your blog that this insurance come with a high cost. What should I do with it? Should I terminate it and take the cash? Or I should hold on to it until the cash value is enough to cover the premiums I paid?

I had now decided to take a decreasing term, personal accident and a medishield plan.

REPLY
Please read the FAQ in my website: www.tankinlian.com/faq

For the whole life policy which has been taken for 2 years, it is probably better to continue with the policy, rather than to terminate it. However, you can ask for the cash value in 5 years time to decide on the best option. Read the FAQ on "existing insurance policy".