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You are missing the protection for the policy term as well, that's why we don't compare the two.
You can also add inexpensive riders like premium waiver riders to the plan, which waives off future premiums upon diagnosis of an early/critical illness.
What if a plan could allow you to save regularly, in small amounts, and also give you protection during the time you save, without having you to worry about market volatility. But when the markets do well you will get a larger slice.
You also do not have to wait till the end of the policy to find out how much you've made, we will declare the amount you have earned yearly, and once we declare it will form part of your guaranteed amount.
At the same time your family will have a small assurance that if something unfortunate happens, there will be a payout of more than what you have saved, and if you were to fall seriously ill, the company will let you enjoy all the benefits of the plan while you can stop paying for it.
All I need is your time investment of 30 mins, while we fill up the paperwork and we'll be done for the next 20 years.
Sounds fantastic doesn't it?
I understand that each benefit is not significant by any means, such as the death benefit, but don't discount the benefits. There are plenty to be found.
Erm sounds fantastic until it falls apart.
The endowment if I understand it correctly is sold as a savings+investing plan, not a sick/protection plan?
That's already a controversial part. It seems to want to do a bit of everything without acing any. And sounds overly complicated.
Is there any reason why you avoid answering why insurance company can't put up a notice on their first page that states,
This policy may result in 0 capital gains or losses in the long term.
It's already on most investment products like stocks, bonds etc...
The riders are extras which over complicate the policy as can be seen in the fb posting so let's dismiss that. SSB doesn't have that. Makes it easier as a comparison no? See no reason to complicate it.
The part about declaring every year what you earn is essentially no difference from SSB where it's already made clear at the start how much one can earn.
The last bit is where SSB doesn't cover, the falling seriously sick, but SSB will continue without paying a cent more too. The difference here is that it won't be able to buy new one by then. So this is actually the biggest difference. edit: eh, this one is a rider benefit or in-built?
Meaning one is actually buying this over SSB mainly due to the sickness coverage. But if that's a advantage of endowment, we need to ask, how many % of the people who bought endowment actually manage to claim this part? What's the ratio? What's the odds?
If it's lower than 10%, would it matter?
Overall, as we break it down, I fail to see how drastically different SSB is from endowment that we can't compare it?
Essentially boils down to 2 point, sickness/illness coverage and returns difference ain't it?
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