by leehueyjye » Thu Nov 22, 2012 03:48 am
I would like to surrender my insurance saving plan, due to i lost my job and continue my study so that i unable to pay the premium.
The situation now, my polisy is lapsed. the agent want me to pay the remain premium to revive the policy only can do surrendering.
The situation now, my polisy is lapsed. the agent want me to pay the remain premium to revive the policy only can do surrendering.
Posted: Thu Nov 22, 2012 04:56 pm Post Subject: To get back my surrender value
You dont have to pay the remaining premium since the policy has already expired.
Posted: Fri Nov 23, 2012 10:24 am Post Subject: life insurance policy surrender
Lapsed policies can be revived. There might be a time limitation though. Besides, all the overdue premiums need to be paid along with an additional penalty. The policyholder may also need to pay interests on the premiums.
But it appears that the OP doesn’t want to revive but surrender the policy. Ask the company about the cash surrender value for your policy.
Instead of surrendering why don’t you ask your insurer to convert the policy into a ‘paid-up’? You won’t need to pay for the premiums, since it’ll be supported by the cash value from the policy.
Check the following link:
http://www.ampminsure.org/life/surrender-policy.html
Posted: Fri Nov 23, 2012 05:28 pm Post Subject:
I would like to surrender my insurance saving plan . . . my polisy is lapsed
Your policy would probably not have lapsed if it had any surrender value. Since your policy has lapsed, there may be no remaining surrender value at all. You can call the insurance company and ask what the situation is with your coverage.
You will have at least two or three years (if not longer) to reinstate a lapsed policy by proving insurability and paying all the past due premiums (possibly with interest). You can always start a new policy at your later age, too. There can be advantages to either option.
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