I hold 2 policies: an endowment and a whole life policy. I have bought these policies for about 1.5 year already. Now, I realized the higher costs are not justifiable and like to terminate these policies and switch to a term policy.
I called up and spoke to my agent (I did not send her any written notice) about terminating these policies and she strongly advised me to let the policies lapse rather than surrender immediately.
Is there any 'catch' I'm unaware of when letting the policies lapse, as compared to surrendering them immediately?
Orignal From: Should I let the policy lapse or surrender it?
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