pruflexicash vs pruwealth

[Shion]

PruWealth is an ILP? You have not broken even after almost 20 years on the plan?

PruWealth is endowment

 

[SBC]

What is your current surrender value and how much have you paid so far ?

Has been paying PruCash for about 5.5 years. Paid about $66,330.
Collected about 4 times of $5600 CashBack. Going to collect next one in June.

Current surender value at $38,300.

Looks like I am going to break even soon.

 

[Shion]

Has been paying PruCash for about 5.5 years. Paid about $66,330.
Collected about 4 times of $5600 CashBack. Going to collect next one in June.

Current surender value at $38,300.

Looks like I am going to break even soon.

I suppose the cashback you use it for investment instead ?

 

[SBC]

I suppose the cashback you use it for investment instead ?

No lei. PruCash is an saving plan. CashBack option in saving plan is quite common feature.

 

[Shion]

No lei. PruCash is an saving plan. CashBack option in saving plan is quite common feature.

But you can keep your cashback in the plan, no ??

 

[tangent314]

These plans are usually not as good compared to BTIR (or just investing). The problem is that almost all of the commissions are eaten from you in the first 2-3 years of the plans, by the time you realize it, it's actually better to just continue with the plan rather than to surrender.

I regret not learning to BTIR when I was much younger, now I'm servicing quite a few plans I would not have bought if I had known better.

 

[Maeda_Toshiie]

I never got the point of "cashbacks". The primary aim of such endowment plan is savings, no? What's the point of getting cash back to sit in your bank account (instead of letting it compound at a paltry rate in the fund)?

Then again, what's the point of endowment plans if the returns are paltry? Because people can't control their own spendings and need an enforced savings? If people can't control their spendings, what's the point of cashbacks?

 

[Shion]

The cashback eats into your guaranteed portion

 

[Maeda_Toshiie]

The cashback eats into your guaranteed portion

Yeah, that too.

 

[anfielder]

I never got the point of "cashbacks". The primary aim of such endowment plan is savings, no? What's the point of getting cash back to sit in your bank account (instead of letting it compound at a paltry rate in the fund)?

Then again, what's the point of endowment plans if the returns are paltry? Because people can't control their own spendings and need an enforced savings? If people can't control their spendings, what's the point of cashbacks?

I suppose it's a feature the agents can point to and say, "Hey, look, your money is not completely locked up for the next 10/15/20 years"

 

[annachua85]

Has been paying PruCash for about 5.5 years. Paid about $66,330.
Collected about 4 times of $5600 CashBack. Going to collect next one in June.

Current surender value at $38,300.

Looks like I am going to break even soon.

if you had left the cash coupon maybe with compounding effect, the breakeven will be earlier... why u tke the coupon and didn't go for investment? its only advisable to take out unless emergency or invest into higher risk instruments with better returns than the pruflexi

 

[Shion]

I suppose it's a feature the agents can point to and say, "Hey, look, your money is not completely locked up for the next 10/15/20 years"

Yes, same goes for premium holiday in ILPs

 

[Pang.s]

Hi all,saw the post. Doesn't mean to hijack the topic. Is it possible to straight go to prudential to terminate my policy.? And how to know how much will i be getting back? Im a little newbie here.

 

[Lewis.T]

Hi all,saw the post. Doesn't mean to hijack the topic. Is it possible to straight go to prudential to terminate my policy.? And how to know how much will i be getting back? Im a little newbie here.

Yes it is possible to terminate over the counter.

You can call their hotline to ask for the current surrender value.

 

[JuniorLion]

Hi all,saw the post. Doesn't mean to hijack the topic. Is it possible to straight go to prudential to terminate my policy.? And how to know how much will i be getting back? Im a little newbie here.

Hi,

If you are intending to terminate your policy. I am interested to buy it over from you. Please see my thread here: https://forums.hardwarezone.com.sg/...azaar-261/wtb-insurance-policies-5714739.html

I will pay you a value that is HIGHER than your surrender value. Do let me know if you're interested to sell it to me. Thanks =)

 

[SBC]

I suppose the cashback you use it for investment instead ?

I am aware of BTIR about 6 years ago & that when I bought my first 1-mil term.

I was a believer of life policies are these years. Then realized that all my policies are life type. I need to die to have any payout.

That’s when I decided to have at least 1 saving plan. Gotten 2 saving plans that year. About 5.5 years ago.

Found myself like over-insured. Paying my PruCash using UOB 1 Account, giving me some CashBack.

Decided on the yearly CashBuy to improve my cash flow.

 

[SG_Alibaba]

I just signed up for pruwealth at uob bank.

Monthly premium $300 for 5 years = 18k.

After 5 years full paid must wait another 10 years than can take out money guarantee amount 22k.

But if you took out early, will lose own money...

I abit regret signing this, need waited for 15 years just to earn another 4k only.
Currelty on 14 days cool down, should I cancel it ?

 

[Eternit]

I just signed up for pruwealth at uob bank.

Monthly premium $300 for 5 years = 18k.

After 5 years full paid must wait another 10 years than can take out money guarantee amount 22k.

But if you took out early, will lose own money...

I abit regret signing this, need waited for 15 years just to earn another 4k only.
Currelty on 14 days cool down, should I cancel it ?

You already answered your own question.

 

[SG_Alibaba]

You already answered your own question.

I just need more advice...

 

[peipei1]

I just signed up for pruwealth at uob bank.

Monthly premium $300 for 5 years = 18k.

After 5 years full paid must wait another 10 years than can take out money guarantee amount 22k.

But if you took out early, will lose own money...

I abit regret signing this, need waited for 15 years just to earn another 4k only.
Currelty on 14 days cool down, should I cancel it ?

SGS or SSB will provide better returns in 10 years at 2.6-2.7% pa interest now!