Hi
need some suggestion on what to do with max newyork whole life insurance we took long back in 2003.
For hubby, around 13500 per annum for 6L SA and 5L accident rider.
For myself , around 6000 per annum for for 3L SA and 3L accident rider.
We also were told that thre is some option for Progressive bonus , i paid 1000rs extra during some years for that..I think once in two years..
a sample illustration by the agent shows around 18L on death(assuming i die at 65 )and around 8L as cash value for my policy at the age of 65. I am 32 now. Can I believe this? my current year policy statement shows 24000 as cash value(which is horrible). but it also shows bonus as 10k, OPPB PUA amount as 20k and PUA bought as 70k…not sure what this means…
If this is not beneficial, how shall I terminate this policy? Shud I make it paid up or use Extended term insurance option?Anyone else did this recently with MNYL?