Qns on endowment plan.

[Layers]

My mum has a 10yrs and a 5 yrs endowment plan.

The 10yrs alread hit the 5th yrs. If they terminate it. Will there be any losses? Or just lose the interest? For the 5yrs, it is only on the 1st yr.

Please advise

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[dendii]

Confirm will have losses, is just a matter of how much.

You can look at your BI. It is impossible for the 5th year to break even.

My mum has a 10yrs and a 5 yrs endowment plan.

The 10yrs alread hit the 5th yrs. If they terminate it. Will there be any losses? Or just lose the interest? For the 5yrs, it is only on the 1st yr.

Please advise

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[akwl88]

sic BI for clearer details

 

[Layers]

Watz BI?

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[dendii]

Benefit Illustration

But even without the BI, i can tell you you will definitely make losses.

Watz BI?

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[akwl88]

Why do u want to terminate?

 

[Layers]

Why do u want to terminate?

Just checking if in need of $

Well I think have to wait to maturity or cfm loss. Gg. My parents put a lot in endowment

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[dendii]

Unfortunately, during our parents era, endowment was the in thing.

My parents have no insurance but endowments to my horror when i joined the industry.

These are the types of agents who are scums.

Just checking if in need of $

Well I think have to wait to maturity or cfm loss. Gg. My parents put a lot in endowment

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[dendii]

Anyway, if you know what to do with the money, then it will be cutting losses instead of making losses.

I cancelled my saving plan of 4 years when i learnt more about financial information and subsequently joined the industry.

Never looked back and I am glad my investment is giving at least some decent return.

 

[akwl88]

As i mentioned in the edmw cheespie thread, term and hosp plan are what consumers need

Wl, endowments and ilps are useless products

 

[akwl88]

Just checking if in need of $

Well I think have to wait to maturity or cfm loss. Gg. My parents put a lot in endowment

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Even till maturity, the endowments maybe making losses due to inflation

 

[Shion]

Endowments usually wait until maturity then can get back

 

[havetheveryfun]

your mother will let you cancel meh ?

 

[lewissac]

Just request for an updated Benefit illustration from your representative. From there just look how many year you have dumped in your $$. And then look how much $ can you get back (guaranteed amount) and how much $ can you earn (non-guarantee amount).

From there you shld see whether you breakeven or loss (or profit though it's close to impossible).

 

[hsfhsf]

All these products not meant for early quit

 

[maruikun]

Loss is confirmed. If this product guarantee you capital return, it does not make economic sense for the insurer to sell this product. There is a thread that mentioned on the resale of endowment policies. You can google REP Holdings and Purvis Capital. You might be able to get back returns better than the surrender value.

Disclaimer: I do not represent any of the company.

 

[Shion]

I think best is to apply for online access

Like for Prudential, you can see your surrender value when you login to your PruAccess. Same for NTUC Income, TM...And I guess the rest as well

 

[henrylbh]

My mum has a 10yrs and a 5 yrs endowment plan.

The 10yrs alread hit the 5th yrs. If they terminate it. Will there be any losses? Or just lose the interest? For the 5yrs, it is only on the 1st yr.

Please advise

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Sure loss in surrendering. Since it's only about 5 years to end, stick to maturity.

 

[Layers]

Unfortunately, during our parents era, endowment was the in thing.

My parents have no insurance but endowments to my horror when i joined the industry.

These are the types of agents who are scums.

but for our parents. It's the best interests they could get

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[Layers]

Anyway, if you know what to do with the money, then it will be cutting losses instead of making losses.

I cancelled my saving plan of 4 years when i learnt more about financial information and subsequently joined the industry.

Never looked back and I am glad my investment is giving at least some decent return.

My parents do not agree with investment. so ll no choice lor.

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