cancel Saving Policy

[harky]

Hi,
My bro had a Saving policy and this policy had been pay for more than 10year.

He say he want to cancel but need to pay the balance in full if not will lost some $$..

isit true??

 

[Maeda_Toshiie]

Hi,
My bro had a Saving policy and this policy had been pay for more than 10year.

He say he want to cancel but need to pay the balance in full if not will lost some $$..

isit true??

Dig out the policy document and check policy surrender value.

 

[Csb8888]

There's an premature cancellation cost. Best is pay finish, since your bro has already been paying for >10 years. But if he needs urgent cash and no choice, he prepared to only recover less Than half the value

 

[JuniorLion]

Hi,
My bro had a Saving policy and this policy had been pay for more than 10year.

He say he want to cancel but need to pay the balance in full if not will lost some $$..

isit true??

I would buy it over from your brother and offer him a higher price than the surrender value. I've PM'ed you - Can check your PM, please?

Please see this thread:
http://forums.hardwarezone.com.sg/general-merchandise-bazaar-261/wtb-insurance-policies-5714739.html

 

[computers70]

There's an premature cancellation cost. Best is pay finish, since your bro has already been paying for >10 years. But if he needs urgent cash and no choice, he prepared to only recover less Than half the value

really depends if it is an ILP or life policy. ILP have have surrender charges. As for Life policies, the surrender value will be lower than premiums the premiums paid.

 

[anfielder]

Hi,
My bro had a Saving policy and this policy had been pay for more than 10year.

He say he want to cancel but need to pay the balance in full if not will lost some $$..

isit true??

Not a great idea to cancel after having had the policy for over 10 years. The returns for such policies are concentrated in the last few years of the policies.

 

[harky]

thx.
he say need to top up 1.5k but i decide not to help him as he want to take out the $$ to buy bit coin Zzzzzzzzzzzzzzzzzzzzzzzzzzzzzz

 

[Asphodeli]

thx.
he say need to top up 1.5k but i decide not to help him as he want to take out the $$ to buy bit coin Zzzzzzzzzzzzzzzzzzzzzzzzzzzzzz

that's insane, not only is your brother is taking a loss on the policy, but he wants to put the money from the policy into a risky "investment"?

 

[unhinged_loon]

thx.
he say need to top up 1.5k but i decide not to help him as he want to take out the $$ to buy bit coin Zzzzzzzzzzzzzzzzzzzzzzzzzzzzzz

Does he even know anything about a) cryptocurrencies (reading about it online doesn't count), b) trading based technical analysis?

If he knows neither, then he is better off learning something first instead of plunging head first into something that he has no idea about.

 

[harky]

i think he know he say he earn some from other currency exchange.

not alot ba.. but his plan is putting in long term which i personal dont think so safe.. usually is best to fifo for trading.

The best ting is the policy not he pay one that why he don't feel the pain but under his name.
My aging parent pay one And he is jobless.