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Surrender planner: step by step for your insurer

Pick your insurer and the kind of policy, and the planner lists every step: what to ask before you decide, the official form, the documents to have ready and what to check after you submit. Tick items off as you go.

Last reviewed 16 October 2026 · Insurer details from each insurer's own pages, checked 14 to 15 October 2026

Your checklist

Tick each item as you go. The list changes with the insurer and the kind of policy you choose.

1. Before you decide

Ask Great Eastern for a dated net surrender value, after loans and charges.What surrender value includes
Check for a policy loan, and how much interest has built up on it.Policy loans and arrears
Check how close it is to maturity. Near the end, waiting often pays more than surrendering.Break-even year explained
Ask what happens to the bonuses already added, and to any terminal bonus.How bonuses work
Compare a policy loan, a paid-up policy and a partial withdrawal before you end it.Keep, sell or surrender
See whether a buyer would pay more than the surrender value.Check my policy

2. Get the right form

Submit online, through your representative, or at the service centre.Open Great Eastern’s official page
Great Eastern’s service centre is at 1 Pickering Street, Great Eastern Centre #01-01.
Read our guide for Great Eastern before you fill in the form.Our Great Eastern guide
Sign as the policyowner. To act for someone else you need a registered LPA or a court order.Surrendering for a parent

3. Documents to have ready

The policy number and plan name, from the policy schedule.
Your identification, given to the insurer through its own channels only.Full documents checklist
Bank account details in the policyowner’s own name, for the payout.
Whether Great Eastern wants the original policy document.
Consent from any trustee or assignee, if the policy has a trust nomination or is pledged.Nominations and assignment

4. After you submit

Keep a copy of the signed form and Great Eastern’s acknowledgement.
Great Eastern says about 3 to 7 working days to a local account, up to 2 weeks overseas.How long surrender takes
Check the amount paid against the dated figure you were quoted.
Check that GIRO or card deductions for the policy have stopped.

Surrender planner questions

What should I check before surrendering a policy?

Get a dated net surrender value, check for loans, see what you give up in cover and bonuses, and compare a loan, a paid-up policy, a partial withdrawal and a sale.

How do I find out my surrender value?

Ask your insurer for a dated surrender value statement, or look in its app or portal where it shows one. Surrender value explained

Do I need the original policy document?

It depends on the insurer. Tokio Marine asks for it, or an indemnity form if it is lost; Income says it does not need it. Check your insurer's form.

Can someone else surrender my policy for me?

Only with legal authority, such as a Lasting Power of Attorney once you have lost mental capacity, or a court order. Surrendering for a parent

How long does a surrender take?

Each insurer publishes something different, and some publish nothing. How long surrender takes

Is surrendering the same as cancelling a new policy?

No. A new policy can usually be cancelled within its free-look period, often 14 days, under different terms. Free-look cancellation

Before you surrender, check one more number

We tell you whether we would buy your policy. The surrender route stays open either way. No NRIC, no obligation.

Check my policy