Dear,

If you upgrade to a new medical plan from the same insurance company, there is a waiting period. You are required to sign ROMP (Replace of medical policy) form, just in case within this waiting period if anything happens to you, you will fall back to the old medical card. Before the new medical comes into action you are still be covered by your current medical card.

It is never a waste as your old policy has covered you for 10 years.

Cash value is just a projection, some companies will give a higher projection based on their past historical data of funds return but this doesn't reflect the future performance down the road.

That's the risk of ILP policy, if you're buying a policy, get the 1 that maximizes all the protection, cash value is really secondary as you won't know exactly what will happen 30 laters. You might already get certain increment and improvement in your lifestyle to upgrade later on again.

Most important is that the agent that services is good and prompt.

if they're equally good, why would you want to jump to AIA in the first place ?

Just because of the benefit ?

Perhaps you can upgrade from your existing GE policy than doing an entire transfer 

Product benefit changes every time, it's your personal preference.