As the topic said.

I have this insurance for 1 year already, which I've bought from an old university friend a lil bit more than 1 year ago. A year ago I was able to pay for it because I had a job and whatever. Money wasn't an issue then (and for much of the last 1 year). However, recently I've faced some financial difficulties as I've lost my job and my income from my freelance work is only sufficient to feed me. The very same income I've had from my freelance work is not enough to support an insurance plan too.

I've asked my agent/friend if I can just surrender because, for real, my income is not sufficient. She didn't say no outright, but it was implied I should not surrender this insurance. I know. Insurance agents also cari makan, so even that bit of money from losing 1 policy is no for them. But they never think about if we don't have the money to feed ourselves, why would we use that money to pay for an insurance policy?

I've also asked her if I can just hold premium payments first.. Her reply to me was that if I do (which I can) then I will have to pay back all the o/s premiums.

My question now is that can I just walk in to the branch and just surrender the policy? Because I don't want later I walk in and then the branch execs also try to deter me from surrendering. In the end it becomes something very difficult for me as I feel I'm held against my will in paying for the premiums that I simply cannot afford (and that it's not worth it anymore at this point).

If you surrender now (a year later), I don't think your surrender value would be high. Perhaps you might wanna check first. Insurance companies will really make it difficult to surrender.

In the past, what I did was cancel my CC and apply for a new one later on. My premium was absorbed by the surrender value up till the point nothing was left. Then I just ignored it.

nope...dun worry....2 years back I tulan with a certain insurance...went to the branch and ask the CS to terminate all policies(me and 2 kids)....got some cash back as some are investment linked....

CS did with a smile and asked me why...told her the truth and she just proceeded without any fuss

and then proceed to buy new insurance for me and my kids...with another insurance comp

But in my case, at that time.....my agent no longer exist as an agent....think he did not meet his quota

This post has been edited by toffeemoose: Dec 9 2021, 08:31 PM

The current insurance I have now is an ILP. 1 year I don't think it's a lot of cash value tbh. I have 2 months premiums owing, which I don't plan on paying up. So I believe that if I surrender now, I won't get anything back. Just disappointed that I wasted rm2000+ on an insurance where I didn't get anything back. Silly me.

Also wanna ask you... Did you go for any cheaper insurance alternatives?

yes...dats the drawback with terminating any insurance....its not supposed to be a tool for profit...its for protection

but for me insurance is a MUST...but on the very bare minimum basis...

and now i just got another baby...straight away get the baby insurance...though at my age...the premium is a WOW

maybe u just can think about those bare non-ILP types....that do basic but critical cover

Life insurance? Most likely investment linked is it? First year also not much is left. All those money went into buying unit trust and withdraw every month to pay premium automatically. You can check left how much and discontinue whenever you want I think.

I paid 2.4k for my first son for 3 years before terminating and only got back a little over 2k. Admitted twice during those times resulting in 4k+ claims.

problem is at my age...the premium wont be cheap....got extra loading cos bit overweight....

I thought long and hard about it....but for me my no 1 concern is the after-sales service....which the previous insurance company sucks big time

so I decided to bite the bullet and get new policies for my family also....but I am able to afford it

though my other 2 kids are nearly grown up...so I dont bother all those ILP anymore for them

duplicate post

This post has been edited by toffeemoose: Dec 9 2021, 08:37 PM

Most of the 1st year premium masuk pocket insurer and agents, so if you surrender now and buy another insurance next time, you need to pay the 1st year premium again which you retain none or little of the payment.

To answer your question, yes you can just walk in and surrender.

No action needed from your side ....just stop future payment and the co will terminate the policy.

This post has been edited by mini orchard: Dec 9 2021, 08:45 PM

Yes you should be able to. I did it with mine (great eastern).


In my scenario there was no begging or resistance from the staff. I request it, they process it.
If they want to try and deter you, just stand firm and insist you want to surrender.

Hope your life condition improves from here onwards.

Can.

I did it. I walk in to prudential office. And surrender it. No question asked from them.

If standalone/term insurance with no investment link, just stop payment and it will automatic terminate policy. (Personally, I still suggest to go to any branch to request surrender even though if it's standalone/term insurance just in case of any complications).

If investment linked policy and you stop payment, it will exhaust the cash value inside first before terminate. So go to any insurance company branch, say you want to surrender, they will give you a surrender form and direct credit form for you to fill to transfer the remaining cash value to your bank account.

It's ur money, u can do whatever u want. Just stop payment, or walk in and surrender.

My only concern is because it's an ILP from one of those international insurance companies. So for now it's definitely cheaper since I'm young. But when I grow older, the premiums I will be paying will be higher than what I get out when the policy matures. So no point when I'm paying so much and I am getting nothing much out of it.

Medical card and life is the most important.
Life insurance without investment link is usually quite cheap.

Buying insurance is just for the protection in case anything happens then you are at least not financially ruined. Some people buy insurance but nothing happens. And some did not buy then kena many medical problems.

If you're young and those sales ppl say to lock in the price or whatever.... All lies.

If u can pay, continue to pay. U also aware that u stand to lose if u stop now. However, i am sensing that the insurance is causing u much budget issue until u cannot feed yourself/pay rent. Am i right? If this is really the case, u should consider to stop the insurance and rebuy insurabce at a later stage.

By the way how much u pay every month and how old are you? If u still below 30, going off w/o ILP for a while should be ok. U can still buy seperate life insurance and med card in meantime if u have the budget.

Don't worry about the future.

Do what you need to do to survive for now.

Terminate it so you can sleep soundly at night. Mental health is real. Make sure that's in check.