Advice needed for endowment policy

[mathnoob]

Dear all,

I signed up for a endowment plan when I was 19 and realised how stupid I was. Is there a law in singapore which renders the contract void because I was under 21 at that time? Or is there nth that i can do? Can the duration be shortened from 25 years to 15 years?

Thanks all in advance!

 

[stoneblackdragon]

most likely dont have. what exactly is the plan?

wait till the breakeven point can surrender or convert to paid up?

 

[blurpandasg2014]

Dear all,

I signed up for a endowment plan when I was 19 and realised how stupid I was. Is there a law in singapore which renders the contract void because I was under 21 at that time? Or is there nth that i can do? Can the duration be shortened from 25 years to 15 years?

Thanks all in advance!

Perhaps can get it to be paid up status

 

[stoneblackdragon]

too early convert to paid up, if still losing then maybe not yet.

E.g. paying $200 a month. $2400 a year.
At the ten year mark you should have paid them $24 000.
So if convert to paid up then only say $20000 you still lost $4000

Reach the point where there is no loss. then convert to paid up.

But also depends on how many years e.g.

If for now ur surrender value already = what you put in
Or paid up value = what you put in.

Surrender or convert

 

[Senpai]

Firstly, what is your current loss? Secondly, what are the total premiums to be paid from here on?

Next, check your policy contract for the estimated maturity value.

Based on the above values, you should be able to decide for yourself to continue with the policy or to surrender and place your money where it can grow better. Do let me know if you need help on how to go about doing it.

 

[Relia_tan]

Dear all,

I signed up for a endowment plan when I was 19 and realised how stupid I was. Is there a law in singapore which renders the contract void because I was under 21 at that time? Or is there nth that i can do? Can the duration be shortened from 25 years to 15 years?

Thanks all in advance!

Can you share with us why you feel silly (negative) about getting the endowment plan?

 

[TedBoi]

I have endowment plan, and I will let it mature.sure there are a lot ppl saying want invest, want earn money, use investment vehicle. Want insurance, go for life etc. But for me, this plan force me to save. While saving, if something happen to me, my cash reserve is still there.