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Selling or surrendering a life policy ends its cover. If anyone depends on that cover, arrange new cover first, and let the old policy go only once the new one is in force. The order matters more than anything else on this page.
Last reviewed 15 October 2026. General information, not financial advice.
The death benefit, and riders such as critical illness, disability or waiver of premium.
Who depends on you, for how many more years, and what debts would need paying. Some needs may have passed.
Answer the health questions fully. A new insurer may add exclusions, charge more or decline.
Not just applied for: issued, accepted and paid.
Compare a written offer with your net surrender value and take the higher. Sell or surrender?
Your age and health now set the premium. It is usually higher than when you bought the old policy.
A condition you have developed since may be excluded, or cover may be refused. You can't get the old terms back once the old policy has gone.
Once the assignment is recorded, the old policy belongs to the buyer. After you sell
If someone would struggle without the money this policy pays on death, don't sell or surrender it until replacement cover is in force. If no one depends on it any more, the cover itself may no longer be worth keeping.
For help working out how much cover you need, speak to a licensed financial adviser. We are a buyer, not an adviser. Useful resources
Only if someone still depends on it. If they do, replace it first. If not, you may not need to.
For cover alone, term life usually costs less than a policy that also builds savings. Whether it costs less than keeping your old policy depends on your age and health now.
Keep the old policy. That is exactly why the new cover comes first. Keep, sell or surrender
No. We never ask about the life assured's health.
If we would buy it, our offer sits beside your net surrender value. No NRIC, no obligation.