Advice on Prudential Endowment Policy - 15 Years

[xoxomatcha]

I bought this endownent policy from Prudential in Year 2015 which I paid about $1.8k yearly (PruFlexiCash). I have no problem making payment until recently I changed from yearly deduction to monthly deduction and due to personal circumstances, I couldn’t make payment for Sep 2019 onwards. I informed my agent that I want to terminate my policy but the return value/cash benefit is roughly $2k which I had used $1k from there previously to tide me monthly payment earlier this year. Honestly this part here is a bad advice from the agent when she didn’t offered me other options and kept telling its my decision to change from monthly payment bla bla bla.

Anyway, I read through the policy and noticed something on non-guaranteed which I might not even get back all my money after my policy ends (which I opted for 25 years).

I’m wondering if I should terminate this policy now because it felt like am making a loss and having to use money from cash benefit to pay for the next few months premium seems stupid also..

 

[xoxomatcha]

My bad.. I went to check my policy and it’s 25 years instead of 15 years... What was I thinking when I signed for this...

 

[boredboiboi]

I bought this endownent policy from Prudential in Year 2015 which I paid about $1.8k yearly (PruFlexiCash). I have no problem making payment until recently I changed from yearly deduction to monthly deduction and due to personal circumstances, I couldn’t make payment for Sep 2019 onwards. I informed my agent that I want to terminate my policy but the return value/cash benefit is roughly $2k which I had used $1k from there previously to tide me monthly payment earlier this year. Honestly it seems like a bad advice from the agent.

Anyway, I read through the policy and noticed something on non-guaranteed so I might not even get back all my money after my policy ends (which I opted for 15 years).

I’m wondering if I should terminate this policy now because it felt like am making a loss and having to use money from cash benefit to pay for the next few months premium seems stupid also..

More of discipline saving than returns. The return is not fantastic at all to be honest.

 

[xoxomatcha]

More of discipline saving than returns. The return is not fantastic at all to be honest.

Yes, the naive me only think about the profit and not the risk when signing for the policy. I’m thinking if I should terminate the policy now but I will be making about a $5k loss.

I looked at the maturity value and there is a guaranteed value of $26,000 and non-guaranteed value of $26,430 with a total amount of $44k premium paid.

Has anyone got back the total amount with the non guaranteed value?

Or should i Just take back the surrender value instead..

 

[boredboiboi]

Yes, the naive me only think about the profit and not the risk when signing for the policy. I’m thinking if I should terminate the policy now but I will be making about a $5k loss.

I looked at the maturity value and there is a guaranteed value of $26,000 and non-guaranteed value of $26,430 with a total amount of $44k premium paid.

Has anyone got back the total amount with the non guaranteed value?

Or should i Just take back the surrender value instead..

Sell it to a 3rd party. I think juniorlion is buying back plan.

 

[xoxomatcha]

Sell it to a 3rd party. I think juniorlion is buying back plan.

Thanks! Looked through the net and saw that there is this option but not sure how it works :/ Would be great to have more advise.

Right now, I just want to reduce as much loss as possible. Of course it will be great to get back everything but that’s impossible and other possible ways.. Wasted 2 hours of my life talking to this agent telling me to use cash benefit for monthly payment to tide through this period.

I understand that it’s clients risk when they sign this but spare me this please, I regretted not reading and enquiring more on this policy already.

Just thinking if it’s better to suffer a 5k loss now than 26k loss in about 15 years’ time.

Please let me know if you need BI or whatever information that is safe to share here..

 

[boredboiboi]

Thanks! Looked through the net and saw that there is this option but not sure how it works :/ Would be great to have more advise.

Right now, I just want to reduce as much loss as possible. Of course it will be great to get back everything but that’s impossible and other possible ways.. Wasted 2 hours of my life talking to this agent telling me to use cash benefit for monthly payment to tide through this period.

I understand that it’s clients risk when they sign this but spare me this please, I regretted not reading and enquiring more on this policy already.

Just thinking if it’s better to suffer a 5k loss now than 26k loss in about 15 years’ time.

Please let me know if you need BI or whatever information that is safe to share here..

Depends if u have better option as well, i have surrender plan i bought last time and suffered about 10k lost but no regret as i am able to get better returns.

 

[xoxomatcha]

Depends if u have better option as well, i have surrender plan i bought last time and suffered about 10k lost but no regret as i am able to get better returns.

I don’t have any specific plans yet but will be reading up before I sign anything again... Cos I have been delaying the premium for about 2 months, I need to make my decision if I should continue now. But I felt like I’m just making a loss since I will be using cash benefit to fund my premium and honestly it won’t last for long either ..

Sigh, this is what happened when we don’t read up and blindly sign anything thinking we can get rich easily

 

[maumu]

endowments are not get-rich plans... it's really for those who are committed to long-term savings (with a side insurance coverage).

better to cut loss now (5k) than later, if you're really in dire need of cash (and resort to borrowing, for example).

 

[lazysundae]

recoup as much u can
cut losses

sounds like u struggling, why wld u continue paying for something that u cant afford

Sent from YNWA at Anfield using GAGT

 

[xoxomatcha]

endowments are not get-rich plans... it's really for those who are committed to long-term savings (with a side insurance coverage).

better to cut loss now (5k) than later, if you're really in dire need of cash (and resort to borrowing, for example).

I wouldn’t say that I have problems paying for the premium monthly which is $150/monthly but I am always stepping on the line for the past few months hence I decided to opt for cash benefit (I understand that I will earn lesser interest on this but honestly this is not even my concern anymore since I have delaying my premium)

It just got to my mind to look through my BI and noticed that there is a non-guaranteed payment of $26k at the end of 25 years. Not sure if anyone has gotten the full principle plus this non guarenteef payment and if I should just use the cash benefit to tide through this period. It will get easier for me next year.

So I’m debating between the loss of $26k or $5k since it’s non guaranteed though it will pain me a lot to lose $5k now...

 

[xoxomatcha]

recoup as much u can
cut losses

sounds like u struggling, why wld u continue paying for something that u cant afford

Sent from YNWA at Anfield using GAGT

Yes I’m struggling now but it will get better next year.. I have posted my concerns in my last reply..

 

[chopra]

can u show the BI ?

im confused on whether u r struggling to pay or not

 

[Asphodeli]

I bought this endownent policy from Prudential in Year 2015 which I paid about $1.8k yearly (PruFlexiCash). I have no problem making payment until recently I changed from yearly deduction to monthly deduction and due to personal circumstances, I couldn*********t make payment for Sep 2019 onwards. I informed my agent that I want to terminate my policy but the return value/cash benefit is roughly $2k which I had used $1k from there previously to tide me monthly payment earlier this year. Honestly this part here is a bad advice from the agent when she didn*********t offered me other options and kept telling its my decision to change from monthly payment bla bla bla.

Anyway, I read through the policy and noticed something on non-guaranteed which I might not even get back all my money after my policy ends (which I opted for 25 years).

I*********m wondering if I should terminate this policy now because it felt like am making a loss and having to use money from cash benefit to pay for the next few months premium seems stupid also..

For PruFlexiCash, You can ask your agent to modify the policy premium to the lowest, but you can only do this once.

Posted from PCWX using XT1635-03

 

[xoxomatcha]

can u show the BI ?

im confused on whether u r struggling to pay or not

I will be struggling to pay for the next few months but it will get better next year as I’m currently working part time now. That’s not important, because what i felt was hsing cash benefit to tide this period is redundant because i’m using my cash benefit to pay for the premium so i’m thinking whether to just terminate this policy and not incur additional loss in the future (still trying to see how i can upload picture here)

 

[xoxomatcha]

For PruFlexiCash, You can ask your agent to modify the policy premium to the lowest, but you can only do this once.

Posted from PCWX using XT1635-03

How does it work in general

 

[harbinger255]

Isn't there 3rd party buyers for insurance endowment plans?

 

[xoxomatcha]

Isn't there 3rd party buyers for insurance endowment plans?

Safe to sell to them? Any examples can I look to?

 

[chopra]

I will be struggling to pay for the next few months but it will get better next year as I’m currently working part time now. That’s not important, because what i felt was hsing cash benefit to tide this period is redundant because i’m using my cash benefit to pay for the premium so i’m thinking whether to just terminate this policy and not incur additional loss in the future (still trying to see how i can upload picture here)

u can upload to image hosting website and send us e hyperlink

do u have emergency savings in ur bank?

as much as i advocate buy term invest rest to others, i think endowment might be good for ppl who need to b forced to save up, if the return on investment is not too shabby.

 

[harbinger255]

Safe to sell to them? Any examples can I look to?

Safe or not... I can't really tell you since never done before... but it's legal if that's what you're worried about... just all benefits and blah will be taken over by the third party company... You die also they benefit lah...

Just make sure you look through the terms and conditions this time before signing the dotted line..