If you have no insurance yet, this should be the last thing to look at.
Focus on your protection first, then at savings and investment. This is a critical step before you embark on anything.
No matter how people say it, endowment is still a monthly commitment that you will put in and it eats into your protection budget. Even if you can see it another way where you do not consider saving plan as part of your insurance budget, there are better instruments to generate potentially better returns with a similar risk appetite towarda an endowment.
But if not, my suggestion will be to terminate the plan first and if possible, push for a full refund of your premium since clearly, they did not go through the proper financial planning with you.
Hi all the experts.
I just puchased (1 month) an endowment plan with ocbc (tied up with great eastern insurance).
Firstly I am 29 yo and I have not purchase any insurance yet. So I totally of giving the endowment a try. The endowment is 6 plus 6, pay $12k pa for 6 years and let it run for another 6 years. Total payout is $72k. Sum assured $62k. Projected bonus 3% on top of the sum assured.
I met a friend who are in financial line scolded me and gave alot negative feedbacks on the endowment plans. He told me i will lose ard 10k with no bonus. Is it true? What is the minimum interests can a person get?
Currently I paid the endowment plan with my cash flow card (installment).
If there is no earning i dont mind. I just hope i get the 72k at the end of policy. Its another form of saving force me to save. I have other cash saving on hand.