Had this living assurance policy that start in the year 1993. This policy under my Dad's name initially with me under the life assured. But I had transfer it to my own policy in 2010.
The coverage amount is relatively small, basic sum assured is only at 15k. A prenium of $28 is payable monthly for 74 years (WAH!!! I will be 87 by then) or until the death of life assured, if earlier, or until the life assured contracts a major illness as defined in Endorsement No. 51. Under my Endorsemen No. 51, it is still under 10 major illness. Gasp! Time to contact the advisor (the advisor who had sold us this product had quit back in 2003).
Looking at the quotation which the words had actually fade to a point, think it will be unreadable in another 5 years, and currently econnect from the Great Eastern life is under system maintainence, unable to check the cash value.
Total Prenium paid for 74 years will be 23898.30. Gasp! My prenium paid is more than sum assured!!!!
Will I be keeping this policy?
Of course! I had reviewed my whole life policy previously, my critical illness or living benefits only covers till age 64.
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