Need some inputs for existing policy

[rlhj23]

These are 3 Pru policies that I currently have :

Policy 1 :
Sum assured : 50k
Monthly premium : 70+
Date started : 1996
TPD : 5k (cover end date 2047, premium end date 2047)
Crisis cover II : 53k (cover end date -, premium end date 2071)

Surrender value @ Mar : 25k+

Policy 2 :
Sum assured : 100k
Monthly premium : 90+
Date started : 2009
Accelerated terminal illness : 100k (cover end date 2051, premium end date 2051)
Crisis cover III : 100k (cover end date -, premium end date 2071)
Accelerated Disability: 100k (cover end date 2051, premium end date 2051)

Surrender value @ Mar : probably 8k+

Policy 3 :
Sum assured : 75k
Monthly premium : 150+
Date started : 2005
TPD : 75k (cover end date 2042, premium end date 2042)
Crisis Provider II : 75k (cover end date -, premium end date 2081)
Increase of Regular Premium : 25k (cover end date 2092, premium end date 2081)
TPD : 25k (cover end date 2042, premium end date 2042)
Early crisis : 25k (cover end date 2067, premium end date 2067)


Surrender value @ Mar : 8k+

I was thinking of surrendering and buying term. The first policy looks like a bad deal to me. Is it a good idea?

 

[zzzzzz87]

Are they limited pay? You did not write when will the premium stop.

 

[boredboiboi]

These are 3 Pru policies that I currently have :

Policy 1 :
Sum assured : 50k
Monthly premium : 70+
Date started : 1996
TPD : 5k (end date 2047)
Crisis cover II : 53k (end date -)

Surrender value @ Mar : 25k+

Policy 2 :
Sum assured : 100k
Monthly premium : 90+
Date started : 2009
Accelerated terminal illness : 100k (end date 2051)
Crisis cover III : 100k (end date -)
Accelerated Disability: 100k (end date 2051)

Surrender value @ Mar : probably 8k+

Policy 3 :
Sum assured : 75k
Monthly premium : 150+
Date started : 2005
TPD : 75k (end date 2042)
Crisis Provider II : 75k (end date -)
Increase of Regular Premium : 25k (end date 2092)
TPD : 25k (end date 2042)
Early crisis : 25k (end date 2067)


Surrender value @ Mar : 8k+

I was thinking of surrendering and buying term. The first policy looks like a bad deal to me. Is it a good idea?

You can compare and look around. I believer 1st 1 is pay lifetime while 2nd and 3rd is limited pay. You didnt really lose much of the value when see the surrender value, just like buying term amount. What your age now? You can looking into term and DII. Have your hospital plan upgraded?

 

[saikangwarrior]

How old are you now? For such life insurance, It gets pricier the later you get it, so if you were to subscibe to this version of the plan now it would probably come up to 150/mth etc

The surrender value can also be used as a buffer in times of extreme need. But coverage looks near, might suggest you get a very cheap term plan to boost your coverage 20/mth type. Not a financial advisor just from personal experience

 

[rlhj23]

You can compare and look around. I believer 1st 1 is pay lifetime while 2nd and 3rd is limited pay. You didnt really lose much of the value when see the surrender value, just like buying term amount. What your age now? You can looking into term and DII. Have your hospital plan upgraded?

I have updated the cover and premium end date and I'm 36 now. Yes I have already upgraded the hospital plan.

How old are you now? For such life insurance, It gets pricier the later you get it, so if you were to subscibe to this version of the plan now it would probably come up to 150/mth etc

The surrender value can also be used as a buffer in times of extreme need. But coverage looks near, might suggest you get a very cheap term plan to boost your coverage 20/mth type. Not a financial advisor just from personal experience

I'm 36 now but I was thinking for the price paid for these policies, I could actually get a higher coverage for term plans.

Are they limited pay? You did not write when will the premium stop.

I have updated the cover and premium end date

 

[boredboiboi]

I have updated the cover and premium end date and I'm 36 now. Yes I have already upgraded the hospital plan.



I'm 36 now but I was thinking for the price paid for these policies, I could actually get a higher coverage for term plans.



I have updated the cover and premium end date

Another question before you decide to replace with term plan is are you pink of health?