Those who are conversant with termination of policies. What percentage of value is refundable.
Nasoma about surrender value Na paid up policy. Can anyone in the industry kindly elaborate.
Thanks in advance
The policy in question has lasted 5 years.
Unless insurance is mandatory e.g car insurance, I will never purchase. The only insurance I have and that makes sense is health insurance because you better have it but never need it than need it and not have it. Nikilipia gari na health insurance, anything else is a total rip-off. Najua sijakujibu but I thought you should know.
It was a form of savings back when I was naive.
But I know better now and would prefer to put that money into something else.
An An insurance policy along those lines is a gob of shit to the insured but a goldmine to the company.
Ktalk Birrioneas who employ a good number of people and you don’t know that WIBA is also compulsory. Surrender value refers to cash payment you receive upon termination of the policy before maturity. Depending on your insurer, even if you know the percentage, they may just take you in circles to tire you and when they do pay they may tweaked the surrender value factor into their favour. This is information you should have obtained before signing up for the policy.
@gobshite why do you want to cancel the insurance after 5 years? We are having an increase of this cases (which means I make money from the reduced economic situation)
Recently bereaved. So became sole bread winner for my family.
Either way how do you guys calculate the surrender value? I’m assuming you work for an insurance agency based on your comment