Need some advice for PRUflexicash

[akwl88]

Wow, 6 years since I started this thread and I am surprised that it is still active.

once a rubbish product, always a rubbish product

 

[Shion]

Wow, 6 years since I started this thread and I am surprised that it is still active.

Shows that this plan is one of the popular ones for agents ?

 

[havetheveryfun]

Shows that this plan is one of the popular ones for agents ?

I Bought this plan close to 10 years ago and its still alive...

 

[yoongmy]

I Bought this plan close to 10 years ago and its still alive...

so far return as expected?

 

[computers70]

so far return as expected?

Hmm, I would be very curios to see the BI and the surrender value of the policy.

havetheveryfun, would you mind to post it ?

 

[havetheveryfun]

so far return as expected?

Hmm, I would be very curios to see the BI and the surrender value of the policy.

havetheveryfun, would you mind to post it ?

no I cancelled it 1.5 years into the plan. lost around 1.5k-2k.

but even before I knew about investment and more about finance, that plan already seemed bad to me.. so u can know how sucky it is

 

[computers70]

I Bought this plan close to 10 years ago and its still alive...

no I cancelled it 1.5 years into the plan. lost around 1.5k-2k.

but even before I knew about investment and more about finance, that plan already seemed bad to me.. so u can know how sucky it is

You bought it for coverage or investment ?

 

[havetheveryfun]

You bought it for coverage or investment ?

I was sold it during a roadshow at an MRT station. mainly bought it for savings I think but the agent told me there would be insurance coverage inside. but after I read more about the policy the insurance coverage is like sh!t and useless

At that time I was still serving NS so a $200 didn't matter much to me as I still had income while I was stay in (saved on transport and food), and didn't bother much about it.

Until I ORD-ed then was thinking I had to pay $200 every month for the next 3-4 years while I was in uni.. (OMG and I didn't want to take pocket money from my parents..) then went to read up more about the policy and also looked online for reviews/etc... at that time 10 years ago there were already a LOT of complaints and negative feedback about this policy too and so I just cancelled it (I was thinking I can buy it back again if it was really that good after I started working and had some sort of income after I understood the policy more).

 

[computers70]

I was sold it during a roadshow at an MRT station. mainly bought it for savings I think but the agent told me there would be insurance coverage inside. but after I read more about the policy the insurance coverage is like sh!t and useless

At that time I was still serving NS so a $200 didn't matter much to me as I still had income while I was stay in (saved on transport and food), and didn't bother much about it.

Until I ORD-ed then was thinking I had to pay $200 every month for the next 3-4 years while I was in uni.. (OMG and I didn't want to take pocket money from my parents..) then went to read up more about the policy and also looked online for reviews/etc... at that time 10 years ago there were already a LOT of complaints and negative feedback about this policy too and so I just cancelled it (I was thinking I can buy it back again if it was really that good after I started working and had some sort of income after I understood the policy more).

ok man, I know it is too late. But do consult your agent before you surrender. There are complaints on very company and their products in this forum. The intention you bought during the time you sign is very important, as this will bring you forward till the policy term.

I signed up for manulife endowment during my army days too, which is about 6 years ago. I still remember why I signed up as I wanted to use that to pay for a house down payment. At that point, I was not aware about CPF and different financing methods, but now I am well aware I still hold onto the policy.

I do not think I will wait for the policy to mature to put my down payment, which is 10 years from now, maybe I could use it to settle my housing loan or buy a 2nd property.

 

[akwl88]

I was sold it during a roadshow at an MRT station. mainly bought it for savings I think but the agent told me there would be insurance coverage inside. but after I read more about the policy the insurance coverage is like sh!t and useless

At that time I was still serving NS so a $200 didn't matter much to me as I still had income while I was stay in (saved on transport and food), and didn't bother much about it.

Until I ORD-ed then was thinking I had to pay $200 every month for the next 3-4 years while I was in uni.. (OMG and I didn't want to take pocket money from my parents..) then went to read up more about the policy and also looked online for reviews/etc... at that time 10 years ago there were already a LOT of complaints and negative feedback about this policy too and so I just cancelled it (I was thinking I can buy it back again if it was really that good after I started working and had some sort of income after I understood the policy more).

Lol insurance agents say got insurance coverage machiam like everything covered 100%

The miserable coverage is not even considered insurance protection

 

[havetheveryfun]

ok man, I know it is too late. But do consult your agent before you surrender. There are complaints on very company and their products in this forum. The intention you bought during the time you sign is very important, as this will bring you forward till the policy term.

I signed up for manulife endowment during my army days too, which is about 6 years ago. I still remember why I signed up as I wanted to use that to pay for a house down payment. At that point, I was not aware about CPF and different financing methods, but now I am well aware I still hold onto the policy.

I do not think I will wait for the policy to mature to put my down payment, which is 10 years from now, maybe I could use it to settle my housing loan or buy a 2nd property.

the thing is I wasn't even planning on signing for any savings plan. I was waiting to book in camp for my friend at an MRT station and the agent just came to talk to me. Then she just like lead one question into another, then in the end sort of pressured me into signing (even asked me to go to ATM to withdraw the first payment for her immediately). At that time I was only a service Corporal earning a measly allowance of $400 +, I would never have wanted to sign up for the plan out of my own accord. it was just that she made it out to be so good (have insurance + savings together - but we all know the insurance part is moot)

consult the agent ? Lol, at first she still said would do financial planning for me every 6 months, but nv even heard from her once after 2 years. also when she first asked me to go down to collect the policy booklet, she also waited until the free-look period was over before asking me to go down. at that time I was a gullible kid and didn't know about all these things.

the best thing is that time I still wrote an e-mail to complain to MAS, only then did the agent try to contact me.. but just once. she just called once but I was busy then didn't pick up the call, then didn't even msg or call again (at that time still no whatsapp and data )

but im also glad as its because of this incident that I am much more wary of agents now (last year one agent even tried to ask my mom to cancel a life policy she had been paying for me for over 20 years, to take the surrender value of just 4k to pay the premiums for another policy.. when that policy is now a 50k death benefit for just $200 per year)

 

[computers70]

the thing is I wasn't even planning on signing for any savings plan. I was waiting to book in camp for my friend at an MRT station and the agent just came to talk to me. Then she just like lead one question into another, then in the end sort of pressured me into signing (even asked me to go to ATM to withdraw the first payment for her immediately). At that time I was only a service Corporal earning a measly allowance of $400 +, I would never have wanted to sign up for the plan out of my own accord. it was just that she made it out to be so good (have insurance + savings together - but we all know the insurance part is moot)

consult the agent ? Lol, at first she still said would do financial planning for me every 6 months, but nv even heard from her once after 2 years. also when she first asked me to go down to collect the policy booklet, she also waited until the free-look period was over before asking me to go down. at that time I was a gullible kid and didn't know about all these things.

the best thing is that time I still wrote an e-mail to complain to MAS, only then did the agent try to contact me.. but just once. she just called once but I was busy then didn't pick up the call, then didn't even msg or call again (at that time still no whatsapp and data )

but im also glad as its because of this incident that I am much more wary of agents now (last year one agent even tried to ask my mom to cancel a life policy she had been paying for me for over 20 years, to take the surrender value of just 4k to pay the premiums for another policy.. when that policy is now a 50k death benefit for just $200 per year)

Wow, i did not know so much things have happened.
Good to be wary with regardless of new or experienced agents. Now they do pass on with free gifts such as shopping vouchers. If you are not interested, just say no. If persist, just drop the insurance company a call, they will handle the rest.

Be very careful of agents asking people to surrender, as they are the only ones who will benefit.

 

[computers70]

Lol insurance agents say got insurance coverage machiam like everything covered 100%

The miserable coverage is not even considered insurance protection

true man, you should see the older policies with 5k coverage.

 

[Shion]

Insurance agents should be banned from selling their products to NSFs

NSFs havent even started working in society, may not even have plan on exactly what to do in life after NS and etc...

Havent really started to earn money yet so fast start to spend on insurance which they dont require. Already provided with a term insurance by Mindef.

 

[havetheveryfun]

Wow, i did not know so much things have happened.
Good to be wary with regardless of new or experienced agents. Now they do pass on with free gifts such as shopping vouchers. If you are not interested, just say no. If persist, just drop the insurance company a call, they will handle the rest.

Be very careful of agents asking people to surrender, as they are the only ones who will benefit.

ya.. most people tend to forget that in order for them to give u free gifts.. they are definitely earning more than the gifts they are giving u .. don't know why people often overlook this part

 

[computers70]

Insurance agents should be banned from selling their products to NSFs

NSFs havent even started working in society, may not even have plan on exactly what to do in life after NS and etc...

Havent really started to earn money yet so fast start to spend on insurance which they dont require. Already provided with a term insurance by Mindef.

Banned is too harsh, maybe some other measures. BMT should educate their NSFs on these sales tactics and to avoid them at all cost.

Agents do know when to strike, especially during field camp, overseas training or confinement period. They do know that you will not be able to free look the policy. I do have alot of friends who lapsed their policies during their uni years as they were unable to commit financially.

NSFs if you are reading this, please please avoid signing anything during your BMT. If you are really keen, please wait when you are in your unit or close to ORD, so that you will be able to asses your commitment to the policy. If anything goes wrong, you still have your annual leave to surrender your policy.


This was shared my a forum reader some time ago, he signed up a endowment plan just before his BMT. Due to the 2 weeks confinement, he was not able to free look the policy.

 

[Bigoya]

Thank you Computer and HVF for your sharing.

To all NSF personnels, please ONLY sign up for SAF/MHA GTL and get proper advice on how much sum assured to sign up for.

And oh, get urself an IP too.

 

[maumu]

wow. so much bashing about this endowment plan.

actually, has anyone here actually stay through the whole duration of the plan until maturity? care to share what's the real % return p.a.?

obviously, early surrendering will either incur losses or, at best, earn a marginal profit after many many years. but I'm wondering if there's been any actual cases where the maturity sum is less than the premium paid in total, or is less than 2% or 3% p.a. (which means it's better off putting the sum in FD, SSB or other higher yield accounts)

any such case to share?

I always see endowment plans as a long-term savings plan with insurance coverage. meaning, stay committed to the end (maturity). in fact I have some endowment plans but so far the projected returns are still reasonable (although not great due to several crisis over the years). did anyone actually get really bad matured value if you stay till the end? if so, then the industry is really in a bad shape and customers need to be warned.

 

[Asure7]

if you are lazy (like me) to actively monitor investment and want to just "save", always always ONLY look at the guaranteed return portion.
The guaranteed portion from the big 4 almost always is less than your total premiums paid.


The problem is many are greedy and want HIGH returns
And end up looking at the guaranteed + non-guaranteed column.


For plans like pruCash, i think usually the returns is about 2% ... not fantastic, but it really isn't that bad for those who just want to brainlessly force themselves "contribute" a fixed amt every month.
Buy Term Invest the Rest is of course optimal, but I've seen many turn that into Buy Term Spend the Rest.
In that case, low returns is better than no returns.

 

[Perisher]

if you are lazy (like me) to actively monitor investment and want to just "save", always always ONLY look at the guaranteed return portion.
The guaranteed portion from the big 4 almost always is less than your total premiums paid.


The problem is many are greedy and want HIGH returns
And end up looking at the guaranteed + non-guaranteed column.


For plans like pruCash, i think usually the returns is about 2% ... not fantastic, but it really isn't that bad for those who just want to brainlessly force themselves "contribute" a fixed amt every month.
Buy Term Invest the Rest is of course optimal, but I've seen many turn that into Buy Term Spend the Rest.
In that case, low returns is better than no returns.

If just aiming 2% guaranteed, SSB does the job and does it well. Many bank savings accounts can also do it.