Help with Flexicash

[squid93]

Hi, so now I currently am into my 25th month with flexicash from prudential.

Currently I'm paying premium of $105.88 per month and its for 25 years. Bought it on impulse while serving NS and now I'm questioning my decision. I know I will lose some cash if I were to surrender now.

My question is should I continue paying premiums for this or is it more advisable to surrender it now?

Sent from my phone. Duhh .. using GAGT

 

[mynickname]

Why do you want to cancel?

Sent from RIM PASSPORT using GAGT

 

[squid93]

Why do you want to cancel?

Sent from RIM PASSPORT using GAGT

Hmm..
Because I'm not sure if its worthwhile ..

Sent from my phone. Duhh .. using GAGT

 

[IFAadvisor]

Hi, so now I currently am into my 25th month with flexicash from prudential.

Currently I'm paying premium of $105.88 per month and its for 25 years. Bought it on impulse while serving NS and now I'm questioning my decision. I know I will lose some cash if I were to surrender now.

My question is should I continue paying premiums for this or is it more advisable to surrender it now?

Sent from my phone. Duhh .. using GAGT

Hi,

I will say to continue paying if you can afford. No point losing the $2k.. Its a savings plan for long term unless you have better opportunities.

You can PM for more information.

 

[Shion]

You buy PruFlexiCash or PruFlexiCash Protection Plus ?

Do kindly take note of your maturity value. Your total guaranteed amount is it more than or on-par with the total premiums paid ?

 

[squid93]

You buy PruFlexiCash or PruFlexiCash Protection Plus ?

Do kindly take note of your maturity value. Your total guaranteed amount is it more than or on-par with the total premiums paid ?

Hi,

I will say to continue paying if you can afford. No point losing the $2k.. Its a savings plan for long term unless you have better opportunities.

You can PM for more information.

Mine is pruflexicash.
Total guaranteed amount is $14,500.

Sent from my phone. Duhh .. using GAGT

 

[FreedomAngelz]

I`m paying $150 per month for Flexicash.....already start to receiving bonus on my 3rd year. Just treat it as a monthly saving for long-term cause.

 

[squid93]

I`m paying $150 per month for Flexicash.....already start to receiving bonus on my 3rd year. Just treat it as a monthly saving for long-term cause.

What kind of bonus are you talking about??

Sent from my phone. Duhh .. using GAGT

 

[FreedomAngelz]

What kind of bonus are you talking about??

Sent from my phone. Duhh .. using GAGT

Seriously you need to speak to your insurance agent to understand better what you had sign up or go and learn more about it at their website.

 

[anfielder]

I`m paying $150 per month for Flexicash.....already start to receiving bonus on my 3rd year. Just treat it as a monthly saving for long-term cause.

you mean cashback, right? That is basically just giving you back some of what you put in.

 

[FreedomAngelz]

you mean cashback, right? That is basically just giving you back some of what you put in.

Nope....Its a bonus letter.

 

[IFAadvisor]

What kind of bonus are you talking about??

Sent from my phone. Duhh .. using GAGT

Such plans are anticipatory endowment.. The "bonus" payout comes from your capital plus bonuses.. You may see the benefit illustration at maturity.. If you have taken out the cash voucher every year, you will not see your capital plus bonuses at maturity..

Hope this helps..

 

[Shion]

Mine is pruflexicash.
Total guaranteed amount is $14,500.

Sent from my phone. Duhh .. using GAGT

I see.

Errr wait a min...You said you pay $105.88 per month for 25 years ?

$105.88 x 12 = $1270.56 per year

$1,270.56 x 25 = $31764 for 25 years <-- Total premiums paid

Your total guaranteed is $14,500 ?

 

[Shion]

Reference from another thread ~~~
http://forums.hardwarezone.com.sg/money-mind-210/want-cancel-my-ilp-5175595-2.html

Take a look at the last line. This person's plan, he pays $43,270 for 25 years but guaranteed is only $24,000 which is roughly 50% of what he has paid only.

Is your plan in such a way ?

 

[Tooi Kono Machi De]

Reference from another thread ~~~
http://forums.hardwarezone.com.sg/money-mind-210/want-cancel-my-ilp-5175595-2.html

Take a look at the last line. This person's plan, he pays $43,270 for 25 years but guaranteed is only $24,000 which is roughly 50% of what he has paid only.

Is your plan in such a way ?

Mine is liddat haha..oh well im in my 3rd year..wanna cancel oso heart break. Just take it as forced savings

 

[Shion]

Mine is liddat haha..oh well im in my 3rd year..wanna cancel oso heart break. Just take it as forced savings

As in, total premiums paid is more than the guaranteed ? Ouch

Personally I am not an insurance person but when it comes to figures, I get hyped up.

This is like a bank offering 25-year fixed deposit, $1 per year.

Total deposited after 25 years is $25, but then the bank tells you they cannot give you back your $25 (which is supposed to be the guaranteed sum = what you have put in) but give you back lesser ($10 for example), then tell you the remaining money is depend on their performance (example, non-guaranteed is $20), so total you can get back $30.

Then when the bank declare bonuses, the money will be added into your $10 guaranteed sum, making it look like you get back more money. But in actual fact, if you think deeper, it is like wtf I put so much but for sure take back is less than what I put in. So it is pretty illogical in fact.

But already 3rd year, then just carry on

 

[Tooi Kono Machi De]

As in, total premiums paid is more than the guaranteed ? Ouch

Personally I am not an insurance person but when it comes to figures, I get hyped up.

This is like a bank offering 25-year fixed deposit, $1 per year.

Total deposited after 25 years is $25, but then the bank tells you they cannot give you back your $25 (which is supposed to be the guaranteed sum = what you have put in) but give you back lesser ($10 for example), then tell you the remaining money is depend on their performance (example, non-guaranteed is $20), so total you can get back $30.

Then when the bank declare bonuses, the money will be added into your $10 guaranteed sum, making it look like you get back more money. But in actual fact, if you think deeper, it is like wtf I put so much but for sure take back is less than what I put in. So it is pretty illogical in fact.

But already 3rd year, then just carry on

True. Thats what I thought too. If I had a choice again I wouldnt take up the plan. But sometimes you make mistakes to become wiser haha. On the bright side, its unlikely the insurance coy doesnt give you your "capital" back unless they are willing to bring a bad name to their coy.

Im more worried about the non guranteed portion here. My endowment is with GE and for the past 3 years I have received annual "reports/letters" about how the fund is doing. Apparently its doing quite ok and the coy is mantaining the same 4.75% rate up till now (Well according to my agent that is). Would like to clarify if this is how it works

 

[Shion]

True. Thats what I thought too. If I had a choice again I wouldnt take up the plan. But sometimes you make mistakes to become wiser haha. On the bright side, its unlikely the insurance coy doesnt give you your "capital" back unless they are willing to bring a bad name to their coy.

Im more worried about the non guranteed portion here. My endowment is with GE and for the past 3 years I have received annual "reports/letters" about how the fund is doing. Apparently its doing quite ok and the coy is mantaining the same 4.75% rate up till now (Well according to my agent that is). Would like to clarify if this is how it works

Indeed, for every mistake one makes, one gain a knowledge

If it is doing quite ok then I guess it is alright. But then you may want to test GE by calling them and telling them if you want to surrender now, what is the total value. Then, compare it with your policy and see where does this amount stands.

Compare it with the Year 3 surrender value. If the amount is between the total projected for 3.25% and 4.75%, then it is still safe.

As for how the non-guaranteed % works, I am not sure.

 

[squid93]

Reference from another thread ~~~
http://forums.hardwarezone.com.sg/money-mind-210/want-cancel-my-ilp-5175595-2.html

Take a look at the last line. This person's plan, he pays $43,270 for 25 years but guaranteed is only $24,000 which is roughly 50% of what he has paid only.

Is your plan in such a way ?

Yupp, my plan is like this ..

Sent from my phone. Duhh .. using GAGT

 

[squid93]

As in, total premiums paid is more than the guaranteed ? Ouch

Personally I am not an insurance person but when it comes to figures, I get hyped up.

This is like a bank offering 25-year fixed deposit, $1 per year.

Total deposited after 25 years is $25, but then the bank tells you they cannot give you back your $25 (which is supposed to be the guaranteed sum = what you have put in) but give you back lesser ($10 for example), then tell you the remaining money is depend on their performance (example, non-guaranteed is $20), so total you can get back $30.

Then when the bank declare bonuses, the money will be added into your $10 guaranteed sum, making it look like you get back more money. But in actual fact, if you think deeper, it is like wtf I put so much but for sure take back is less than what I put in. So it is pretty illogical in fact.

But already 3rd year, then just carry on

Yar, that's why I'm like wondering whether should I continue or just surrender due to the low guaranteed amount.

Sent from my phone. Duhh .. using GAGT