Endowment Plan

[CrowsZero]

Recently i have a friend who paid about 1 and a half year for his endowment plan $300 a month, he does not wish to continue anymore as it is 25 years premium term. Is there any other way for him to surrender the policy and get back some money?

 

[SBC]

Not again.

 

[Asphodeli]

Sell to REPS holdings or Purvis Capital?

Sent from Sony E6533 using GAGT

 

[JK1688]

Surrender at 1.5yrs for endowment, usually get back $0

Sent from using GAGT

 

[Shion]

Unlikely will have any surrender value at 1.5 years

 

[akwl88]

Agents say endowments are savings plan and compare to bank int rate but when surrender, cannot get back money like bank saving acct.

Moi read liao really armchio.

 

[lifeishard]

Sell to REPS holdings or Purvis Capital?

Sent from Sony E6533 using GAGT

You need to have to service at least a certain number of years before they find it worthy to buy from you. Maybe around 3/4 of premium term.

 

[Carnage]

No surrender value before 2 years.

 

[Layers]

Suck it up n cancel it.

Sent from Sony E6853 using GAGT

 

[akwl88]

Tio chop carrot by agent

Easy money haha

 

[Shion]

Once you get an endowment, either you pay till it matures or cancel it and take the losses

 

[RolexKing88]

First two year no surrender value cause all goes to agent commission. You can ask ur agent rebate you.

 

[lifeishard]

First two year no surrender value cause all goes to agent commission. You can ask ur agent rebate you.

All goes to agent? Are you sure? Company never takes anything? Lol...

 

[akwl88]

Agent take comm alr f care u liao

Go overseas holiday lor or change new car

Easy money chop your carrot haha

 

[dendii]

No way. 2nd year you might be able to get back a very small amount but other than that... it is just a matter of whether you want to cut your losses earlier or stick with the plan.

Recently i have a friend who paid about 1 and a half year for his endowment plan $300 a month, he does not wish to continue anymore as it is 25 years premium term. Is there any other way for him to surrender the policy and get back some money?

 

[akwl88]

Agents say endowments are savings plan and compare to bank int rate but when surrender, cannot get back money like bank saving acct.

Moi read liao really armchio.

up for agent who compare endowments to bank savings

 

[dendii]

up for agent who compare endowments to bank savings

I think that is still not wrong. It is a plan hence there is commitment naturally if not the business won't work already.

The armchio part is saying that the bank interest is low when there are so many options available right now which offers liquidity and higher "guaranteed" interests and asking client to get a saving plan instead.

"Guaranteed" meaning in a way still subjected to changes by the banks as they deemed fit but as of now it is as such.

 

[akwl88]

I think that is still not wrong. It is a plan hence there is commitment naturally if not the business won't work already.

The armchio part is saying that the bank interest is low when there are so many options available right now which offers liquidity and higher "guaranteed" interests and asking client to get a saving plan instead.

"Guaranteed" meaning in a way still subjected to changes by the banks as they deemed fit but as of now it is as such.

yes this in bold

 

[computers70]

ask him, why he signed up first ?
If he got a reason, what happen ?

 

[zwen88]

ask him, why he signed up first ?
If he got a reason, what happen ?

$300 a month? ask yourself why did you want to save $300 a month into something that you cannot use until a certain period of years later. what was the original purpose?

has that purpose disappeared that cause you to not want to commit to $300 savings a month anymore?

how long was the endowment for? 10years, 15 years, 20 or 25 years?

20 or 25 years is a tough commitment i would say, you might be better off losing the $300 X 18.

If you want to save money for year 25, 5 years later you can buy a plan for $375 per month.

if you have found a super good investment that your $300 a month can be put to better use, are you able to save $300 in the current savings plan and still invest $300 into that investment?