Here are some alternatives to surrendering a policy, if you are having difficulty servicing the policy premiums:
- Take a policy loan on the policy (note: interest rate is high)
- Surrender only the bonuses for cash
- Convert to paid up policy without payment of future premiums
- Convert to extended term insurance without payment of future premiums
- Reduce the premium payable by reducing the sum assured
- Apply for premium holiday (note: Only for investment-linked)
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