pruflexicash vs pruwealth

[SG_Alibaba]

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

What is SGS and SSG ?

How does it's works ? Can anyone tell me what to do ?

I feel like insurance is not suitable for saving.

 

[Shion]

What is SGS and SSG ?

How does it's works ? Can anyone tell me what to do ?

I feel like insurance is not suitable for saving.

Singapore Government Securities

Singapore Saving Bonds

 

[tangent314]

Monthly premium $300 for 5 years = 18k.
nother 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 ?

The guaranteed sum portion is giving you an interest rate of 1.6%, still better than putting your money in the bank. But this doesn't tell the full story, you need to look at your non-guaranteed sum too, which should be in your BI. While that sum is non-guranteed, most likely the amount you actually get will be nearer to the guaranteed + non-guranteed than just the guaranteed sum, unless the markets are going to be really bad for the next 15 years.

I feel like insurance is not suitable for saving.

BTIR would generally be better, but not everyone can learn how to invest correctly, and it's only recently that it has been made easier for the masses with online brokerages being easily accessible. Insurance company's saving plans is probably the most accessible, marketed and easiest way to get one to start saving, and for sure the returns are way better than just leaving the money in most bank deposit accounts or even fixed deposit.

The problem of course is that the insurance companies structure the plans such that they suck most of the commission out of you in the first 2-3 years. By the time you know about BTIR, it becomes more worth it to see the plan through to maturity.

If you cancel your plan, you can simply just invest $200 in ES3 and $100 in A35 (or vice versa if you are are more risk averse) every month through POSB Invest Saver. Instead of A35, you can buy SSBs every few months (since minimum is $500 for SSBs) if you can discipline yourself to do that.

 

[CheshireIX]

The guaranteed sum portion is giving you an interest rate of 1.6%, still better than putting your money in the bank. But this doesn't tell the full story, you need to look at your non-guaranteed sum too, which should be in your BI. While that sum is non-guranteed, most likely the amount you actually get will be nearer to the guaranteed + non-guranteed than just the guaranteed sum, unless the markets are going to be really bad for the next 15 years.



BTIR would generally be better, but not everyone can learn how to invest correctly, and it's only recently that it has been made easier for the masses with online brokerages being easily accessible. Insurance company's saving plans is probably the most accessible, marketed and easiest way to get one to start saving, and for sure the returns are way better than just leaving the money in most bank deposit accounts or even fixed deposit.

The problem of course is that the insurance companies structure the plans such that they suck most of the commission out of you in the first 2-3 years. By the time you know about BTIR, it becomes more worth it to see the plan through to maturity.

If you cancel your plan, you can simply just invest $200 in ES3 and $100 in A35 (or vice versa if you are are more risk averse) every month through POSB Invest Saver. Instead of A35, you can buy SSBs every few months (since minimum is $500 for SSBs) if you can discipline yourself to do that.

Hi I know this thread is very old but. I'm 16 and I'm turning 17 soon in a months time. Today I paid like $76SGD for this pruwealth insurance thing and I just realised what I signed up for without parents consent on my own. I wanna ask if am I'm under an illicit contract?and do i have the right to stop this plan all together?(so I can stop paying $76 monthly because I'm currently not working any part time and have an allowance of only $300 a month. It's expensive and my parents doesn't know that I signed up for this)

(edit:can someone reply to me asap? I'm panicking badly right now sorry
edit 2:it was some roadside thing that tries to pull people in and coax them into buying their plans
Edit 3:if I were to cancel the plan now will I need to pay a penalty fee? If so, how much?)

 

[JuniorLion]

Hi I know this thread is very old but. I'm 16 and I'm turning 17 soon in a months time. Today I paid like $76SGD for this pruwealth insurance thing and I just realised what I signed up for without parents consent on my own. I wanna ask if am I'm under an illicit contract?and do i have the right to stop this plan all together?(so I can stop paying $76 monthly because I'm currently not working any part time and have an allowance of only $300 a month. It's expensive and my parents doesn't know that I signed up for this)

(edit:can someone reply to me asap? I'm panicking badly right now sorry
edit 2:it was some roadside thing that tries to pull people in and coax them into buying their plans
Edit 3:if I were to cancel the plan now will I need to pay a penalty fee? If so, how much?)

If you're still within the 14-day free-look period, you can cancel it without penalty.

 

[oceanicmanta]

If you're still within the 14-day free-look period, you can cancel it without penalty.

Totally agree.

You definitely have the right to cancel it within 14 days, and it is without penalty. In fact, they will refund you the $76 you have paid.

CANCEL IT NOW ... call Prudential Hotline and send them email, state immediate cancellation citing 14 days free look period.

I am appalled how the agent assessed this product as being suitable for a 16 year old.

 

[Shion]

Totally agree.

You definitely have the right to cancel it within 14 days, and it is without penalty. In fact, they will refund you the $76 you have paid.

CANCEL IT NOW ... call Prudential Hotline and send them email, state immediate cancellation citing 14 days free look period.

I am appalled how the agent assessed this product as being suitable for a 16 year old.

Well...Another unethical agent
If beyond 14-days, just treat it as a lesson worth $76

 

[Shion]

I am surprised someone would sell you this plan given your age and especially when you are not drawing an income. Didnt know we can declare $0 income when buying a policy.

So here's a lesson learnt - Ignore the agents at roadshows and booths as they are selling endowments and ILPs

Hi I know this thread is very old but. I'm 16 and I'm turning 17 soon in a months time. Today I paid like $76SGD for this pruwealth insurance thing and I just realised what I signed up for without parents consent on my own. I wanna ask if am I'm under an illicit contract?and do i have the right to stop this plan all together?(so I can stop paying $76 monthly because I'm currently not working any part time and have an allowance of only $300 a month. It's expensive and my parents doesn't know that I signed up for this)

(edit:can someone reply to me asap? I'm panicking badly right now sorry
edit 2:it was some roadside thing that tries to pull people in and coax them into buying their plans
Edit 3:if I were to cancel the plan now will I need to pay a penalty fee? If so, how much?)

 

[havetheveryfun]

I am surprised someone would sell you this plan given your age and especially when you are not drawing an income. Didnt know we can declare $0 income when buying a policy.

So here's a lesson learnt - Ignore the agents at roadshows and booths as they are selling endowments and ILPs

"How much savings u have"
"oh, see your savings currently enough for $76 a month for 1-2 years, then you will have went to NS and drawing an allowance."
"oh, see your savings currently enough for $76 a month for 3-4 years, then you would have come out and started work"

 

[Shion]

"How much savings u have"
"oh, see your savings currently enough for $76 a month for 1-2 years, then you will have went to NS and drawing an allowance."
"oh, see your savings currently enough for $76 a month for 3-4 years, then you would have come out and started work"

"oh, see how much commission I can earn from this policy"