Need some advice for PRUflexicash

[iAdvisor]

Hi guys, recently was introduce to this product. anyone already sign up for this ? any feedback or review?

I cancel it after 6yrs.

 

[Konnichiwa]

Hi guys, recently was introduce to this product. anyone already sign up for this ? any feedback or review?

Firstly, what is your objective?

You are saving for ??? I hope you are not another victim of product pusher...

 

[PruCorgi]

Like others say, it really depends on your goals and profile.

I can sell this plan but I don't buy it for myself because it doesn't fit my own goals/profile.

However, those who do get this plan have the following preferences:
1. They are risk-adverse and do not have the time, interest, energy or know-how with regard to growing their wealth in more sophisticated/higher yield ways.
2. They just want a better way of saving $$, in a safe, stable manner that gives better returns than bank savings acct or fixed deposits. They know this won't make them rich or keep up completely with inflation but at least it cultivates a savings habit and part of the $$ is liquid.
3. They like the fact that doing savings this way comes with some insurance component... at least you get a bit more $$ to use when an insured event occurs.

 

[Micky Neo]

TKL just posted this

http://tankinlian.blogspot.com/2011/11/prucash-policy-taken-by-student.html

 

[sandzstormz]

It all depends on your financial situation. If you can afford to save long term why save in the bank right? Thus its not recommended for students to do this plan.

 

[alex784]

how many % did you lose in premium after surrender the policy ?

im thinking of cancelling too... Mine is Prusave Limited Pay

 

[SpinFire]

May I ask why did you signup/purchase this product in the first place? Recommendation from a friend who's an insurance agent?

 

[alex784]

yeah, the FA he approached me first, not sure who recommended him...

I've signed up since 2008 anyway. Now facing financial problem and 'd like to cancel...

Just wondering how many % I will lose..

 

[HandsTied]

yeah, the FA he approached me first, not sure who recommended him...

I've signed up since 2008 anyway. Now facing financial problem and 'd like to cancel...

Just wondering how many % I will lose..

You can enquire about your policy's current surrender value: http://www.prudential.com.sg/corp/prudential_en_sg/header/contactus/index.html

 

[alex784]

You can enquire about your policy's current surrender value: http://www.prudential.com.sg/corp/prudential_en_sg/header/contactus/index.html

Yup, I'm planning to, but just want to have some prior info on the potential damage..

Anyone has surrendered the policy before ? Can suggest me ?

 

[PruCorgi]

The surrender penalty can vary from ~20% to 100% depending on when you surrender... please just call them up to be sure. Most likely around 55% gone.

Ask them to give you numbers for converting to paid-up status as well... might be better than a full surrender. At least you might get some minimal coverage/money back at the maturity period.

 

[alex784]

The surrender penalty can vary from ~20% to 100% depending on when you surrender... please just call them up to be sure. Most likely around 55% gone.

Ask them to give you numbers for converting to paid-up status as well... might be better than a full surrender. At least you might get some minimal coverage/money back at the maturity period.

what is the paid-up amount actually ?
I quite not understand the meaning and difference between paid-up and surrender ?
And what situation can paid-up apply to ?

 

[PruCorgi]

Paid-up amount is too general a term... it can be paid-up sum assured amount, paid-up cash/surrender value amount, etc....

The paid-up status only applies to traditional policies with cash or surrender value. All riders will be dropped. So, you can only exercise this option after a few years... not at the beginning of a policy.

You can use the cash value to convert the policy to a lower sum assured for the basic coverage with no further premiums payable. Cashback is usually paid out straightaway if applicable.

So the pros are:
1. No further premiums needed, hence improving your cashflow
2. At least there is still some protection active (although it can be greatly reduced)
3. In some cases (not all), depending on the product, you might still get some returns or some of your principal back at maturity, based on what you've paid to-date. This really depends on the product and how long the plan has been active... you will need to confirm with the customer service/admin staff. They will need full details of the plan.

 

[HayaBusa_jY]

In surrendering traditional endowment plans, the client is able to withdraw the "surrender value" of the plan at the moment he/she decided to cancel/ surrender the policy.

There's no penalty involve in surrendering policies. (The penalty here is referring to the "having to pay the insurance company in the event of surrendering the policies")

Normally traditional endowment plans starts to have some surrender value only in the 3rd year after the policy has started. And such values are given out in the month of december of every year. Thus if TS decided to surrender the policy, better to do it AFTER this month.

TS shld receive a letter from Prudential regarding the policy bonus given out for year 2011 somewhere in Jan 2012.

 

[alex784]

Thanks all for great info.

Just called Prudential, about to loss 55% in case of surrender...
Considering paid-up option...

 

[PedoBera]

I alway kanna approach by their agent on street. Especially Plaza Singapura dhoby

 

[xiaopingzi11]

http://forums.hardwarezone.com.sg/money-mind-210/anyone-bought-prudential-pruflexicash-3459526.html

I alway kanna approach by their agent on street. Especially Plaza Singapura dhoby

Hi guys,I'm not from pru but just want to remind u that all plans are gd and must rem ur objectives of buying the plans. Agents' role is also to make sure u rem ur objectives during review and continue them til u enjoy the benefits. Many ppl surrender the plan doesn't mean it is no gd..

 

[RulezInvestor]

Thanks all for great info.

Just called Prudential, about to loss 55% in case of surrender...
Considering paid-up option...

Hi alex784,

roughly how many years have you paid in the plan? Actually there is a withdrawal amount every year after the 2nd year. you do not have to terminate it entirely for this plan. You just use the withdrawal sum to pay your premiums to tide you over at this point in time.

When things get better, you can resume the plan again. you can Pm me if you need any help on this.

 

[iAdvisor]

Thanks all for great info.

Just called Prudential, about to loss 55% in case of surrender...
Considering paid-up option...

You definitely make a loss when surrendering an endowment plan early. But it might be a better choice compare to making the loss at maturity.

Consider the amount you put in, and the guaranteed sum assured. Excluding the non-guaranteed, how much do you lost?

Yes, do consider the paid up option. some agents likes to add on protection riders to endowment plan. Do ensure you have adequate protection before doing so. If this is your main portfolio, do consider to take up a cheap term plan as an interim plan.

 

[heng_alvin]

Hi guys,I'm not from pru but just want to remind u that all plans are gd and must rem ur objectives of buying the plans. Agents' role is also to make sure u rem ur objectives during review and continue them til u enjoy the benefits. Many ppl surrender the plan doesn't mean it is no gd..

Another sweeping statement. SO you mean all plans from Pru are good or all insurance plans in sg are good? So when you buy policy,I am sure you need not care about agents, products or company? As long as you got extra cash, someone can sell it to you and you will buy?

There are good plans and lousy plans. Almost everything in this world has two sides of a coin. Now i use almost...i generalise, i don't sweep...