Posted July 17, 2018 at 6:32 pm by Andy Ng

Quote For ILP Policy

Having an Investment Linked Policy is a long-term commitment and usually early termination involves high costs and the surrender value payable may be lesser than the total premiums paid. However, due to certain unforeseen circumstances, policy owner may not be able to continue with the policy.

In such instances, their options are usually:
• Taking premium holidays
• Lapsing the policy
• Surrendering the policy

Many of them are not aware that their policy can be sold. Just like selling cars or HDB flats, the ownership can be legally transferred. This transfer of policy ownership will be done at the respective Insurers’ Customer Service Centre where the insurance company will register and process the Assignment.

By selling your policies, we will be able to pay you a higher value than surrendering.

There are several reasons why people will want to terminate their investment linked policies.

The common reasons are, 

  • have not been paying premiums and investment value depleting
  • cashing in for better investments
  • heavy commitment
  • paying off debts
  • migrating
  • in need of cash
  • policy restructuring
  • splitting of assets
  • reaching “break-even” point (investment value = premiums paid)

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