I received this email and got the permission to share it.

Dear Mr Tan,
I am writing to you to seek your opinion as a veteran in the insurance industry. My wife "KMM" bought an AIA life insurance with a 5-yr Term rider back in 1995 when she was 25. The 5-year Term rider started with a S$176/year premium for S$100,000 coverage. However, after 25 years, I found out that the premium has ballooned to S$630/year for the same 5-year Term.

This insurance has been discontinued long time ago, and I just checked on Income and FWD website. A S$100,000 20-year Term for KMM at age 50 only cost S$200+/year.

It is indeed our fault for not checking but we trusted AIA and trusted oversight by MAS and was confident that such things will not happen.

Over the years, AIA could have done the following: -Agents were assigned to KMM, but none reviewed her policies and just interested in up-selling -AIA could have notified KMM that the old 5-year Term has been discontinued and there are equivalent 5-year Term at a cheaper rate. But instead AIA kept quiet, and let us stupidl

I gave this reply:
I agree with you. It is a bad practice.
But this is how things are in Singapore.
Consumers are "ripped off" to increase profits for the businesses.