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fullu fullu
#1 Posted : Friday, March 04, 2011 9:23:52 PM
Rank: New-farer

Joined: 10/31/2010
Posts: 33
I have an life insurance policy with ICEA for a period of 15 years and i have been paying the premiums every month for the past 4 years.
It has now come to a point where i want to withdraw from the policy and invest the money elsewhere, what are the repercussion for such a move? Please advise.
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Wekesa
#2 Posted : Saturday, March 05, 2011 7:49:39 AM
Rank: New-farer

Joined: 2/28/2011
Posts: 3
Hi,

You may get something like 60% of the total contribution made so far (depending on the terms); typically, they require that you have paid it for a minimum of 36 months to get something.

I also recently cancelled one with Old Mutual, had paid for 3 years something like 200k, my refund was around 130.

I am not sure if these policies are worth anything (I may be wrong); we are just enriching these companies - in my view. For more on the matter, get hold of Kiyosaki's book, "Who ook My Money!".
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jerry
#3 Posted : Saturday, March 05, 2011 8:23:10 AM
Rank: Elder

Joined: 9/29/2006
Posts: 2,570
Consider this; I've been paying 2,687/= for a 15yr policy since 2001. Sum Assured is 300k. If you do a quick check, I'll have given 483,660 by may 2016(maturity of policy) in return for 300k plus bonuses. So I'm likely to just get back my money without considering inflation. This may paint an apparent negative picture of insurance until you think of what really is the basis of insurance. It's about mitigation against RISK. That is why 'a vehicle cannot move' on the road without insurance. And no one doesn't pay some form of insurance!
The opposite of courage is not cowardice, it's conformity.
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Wekesa
#4 Posted : Saturday, March 05, 2011 11:50:50 AM
Rank: New-farer

Joined: 2/28/2011
Posts: 3
Good thoughts.

I may as well ask: does one need insurance if the person is a millionaire or has assets in the tune of afew millions, assets that can be liquidated?

Good weekend.
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2012
#5 Posted : Sunday, March 06, 2011 1:17:42 PM
Rank: Elder

Joined: 12/9/2009
Posts: 6,592
Location: Nairobi
Good luck and I hope you get your hard earned cash. I lost all mine with UAP but lucky for you you are not with them.

BBI will solve it :)
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fullu fullu
#6 Posted : Monday, March 07, 2011 12:54:27 PM
Rank: New-farer

Joined: 10/31/2010
Posts: 33
2012 wrote:
Good luck and I hope you get your hard earned cash. I lost all mine with UAP but lucky for you you are not with them.


2012, I'll try my luck
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Jus Blazin
#7 Posted : Tuesday, March 08, 2011 9:28:04 AM
Rank: Elder

Joined: 10/23/2008
Posts: 3,966
@fullu fullu, life insurance is not supposed to benefit you, but those you leave behind incase of your demise. Maybe what they gave you was an investment policy...my thoughts
Luck is when Preparation meets Opportunity. ~ Lucius Annaeus Seneca
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MrTyrus
#8 Posted : Tuesday, March 08, 2011 4:33:45 PM
Rank: Member

Joined: 2/11/2008
Posts: 126
fullu fullu wrote:
I have an life insurance policy with ICEA for a period of 15 years and i have been paying the premiums every month for the past 4 years.
It has now come to a point where i want to withdraw from the policy and invest the money elsewhere, what are the repercussion for such a move? Please advise.


if u dont need the cash urgently I wld advice you to chill 4 another two years after which you will get your 100% contribution plus bonuses accrued.with ICEA policies you hadly lose your cash if you are patient. U also dont need to die to enjoy your cover. I would advice you to also visit the policy servicing guyz (stay away from the sales guyz lest you buy another policy) they should give u projections of what you can get as years go by.

happy insuring!!
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