Hi,

I would like to hear some opinion on my current policy with GE - Great Enhanced Living Care (CB Option 3); which I took out in 2011, with annual premium of 5050.

The reason when I took out the policy was because there was a tax rebate benefit of 3k for medical insurance, and the above policy allowed for 60% of the premium be classified as med insurance.

Move fwd. to 2017, my circumstances has changed. So now basically needed more protection for family rather for tax rebate purposes. Would you guy suggest to cancel the policy?

forgot to mention, my current job already provided for the basic medical and hospitalisation cost.

This post has been edited by lkoky: Feb 28 2017, 02:16 PM

if you plan to take up the new life policy, you can still use it for income tax deduction depending on the rider that you'll like to include.

It really drives down to the purpose you have the policy originally. If it's not serving it's purpose in your financial planning then it's not a good policy.

Here are some questions for you, so many here can give a more relevant input:
1) Does your policy medical coverage includes your wife and kids?
2) Does your company's employees medical and hospital benefit cover for your wife and kids?
3) How old are your children?

Rather than to cancel the policy, under many circumstances it is usually better to complement or in other words, build on your currently available coverage.
It only shows that you have out-performed your policy in terms of your growth in your networth.