xoxomatcha
Senior Member
- Joined
- Jul 28, 2017
- Messages
- 868
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Some info -
Yearly deduction: $1.8k
Monthly: $150
25 years pruflexicash endowment plan
Image of my BI: https://ibb.co/g4vLytL
STORY:
* In 2015, opened a UOB savings account to save up since I started working.
* Got a call from this agent (X) and told me that she has a plan to share with me to increase my savings.
* Met her and signed up for the policy without reading and enquiring more because I was fixated on the total returns and she seems nice and genuine. Partly my fault here but don’t have to emphasize that, I know. All i wanted was a savings plan to help better grow my money than putting in the bank
(X was so cheery looking when I saw her for the second to settle the deduction and now I know why)
WHY I ONLY REALISED AFTER 4 YEARS
* Was working full time and had no problem paying for the premium from Feb 2019-Feb2020 as I switched to part time jobs and had difficulties paying on the 4th year, that’s when I approached her for advice
* Took out $1000 from cash benefit but it lasted for only 6 months so on Sep 2019, I approached her again telling her that i would want to terminate my policy but she of course said otherwise saying will affect interest and all and said that i could withdraw the cash benefit i have , around $2k to sustain for the next 1.5 years.
weird cos she told me on feb 2019 that it’s best to withdraw minimum sum if there is no choice which is $1k for the sake of interest which i did so and on sep 2019, she told me i can use all of my cash benefit but will affect interest (this i know) after i told her i want to terminate my policy. this is when i feel like i can’t trust her anymore cos her advices don’t line up but whatever this is not the point.
having that doubt, i went to check my document and realized that it’s not a savings plan and yes projected returns is higher than what u gonna be paying for. the only guaranteed is my principle .. in half, which is $26k when i paid for $44k in the span on 25 years
this is not what i wanted initially and the agent sold me the wrong plan. i had already terminated the policy and had a loss of about $4k close to $5k.
the surrender value i gotten is only $3k.
anyway, i’m just sharing my experiences here so that people know what they are in for when they are introduced to this policy.
i won’t stop u from continuing the plan cos it’s your choice but just weigh your options and see if you can take the loss after 25 years. i am also not bashing the company and the agent but rather the way she sold the policy to me and how she dont understand my needs before selling a plan i don’t need. it’s also my fault for not reading up before committing.
i have already terminated my policy and will not harp on this but concentrate on putting my money elsewhere for better growth.
didn’t bother telling my agent about this and she didn’t say anything about it either.
not sure if she is not notified yet or what , but her service is meh ~
Yearly deduction: $1.8k
Monthly: $150
25 years pruflexicash endowment plan
Image of my BI: https://ibb.co/g4vLytL
STORY:
* In 2015, opened a UOB savings account to save up since I started working.
* Got a call from this agent (X) and told me that she has a plan to share with me to increase my savings.
* Met her and signed up for the policy without reading and enquiring more because I was fixated on the total returns and she seems nice and genuine. Partly my fault here but don’t have to emphasize that, I know. All i wanted was a savings plan to help better grow my money than putting in the bank
(X was so cheery looking when I saw her for the second to settle the deduction and now I know why)
WHY I ONLY REALISED AFTER 4 YEARS
* Was working full time and had no problem paying for the premium from Feb 2019-Feb2020 as I switched to part time jobs and had difficulties paying on the 4th year, that’s when I approached her for advice
* Took out $1000 from cash benefit but it lasted for only 6 months so on Sep 2019, I approached her again telling her that i would want to terminate my policy but she of course said otherwise saying will affect interest and all and said that i could withdraw the cash benefit i have , around $2k to sustain for the next 1.5 years.
weird cos she told me on feb 2019 that it’s best to withdraw minimum sum if there is no choice which is $1k for the sake of interest which i did so and on sep 2019, she told me i can use all of my cash benefit but will affect interest (this i know) after i told her i want to terminate my policy. this is when i feel like i can’t trust her anymore cos her advices don’t line up but whatever this is not the point.
having that doubt, i went to check my document and realized that it’s not a savings plan and yes projected returns is higher than what u gonna be paying for. the only guaranteed is my principle .. in half, which is $26k when i paid for $44k in the span on 25 years
this is not what i wanted initially and the agent sold me the wrong plan. i had already terminated the policy and had a loss of about $4k close to $5k.
the surrender value i gotten is only $3k.
anyway, i’m just sharing my experiences here so that people know what they are in for when they are introduced to this policy.
i won’t stop u from continuing the plan cos it’s your choice but just weigh your options and see if you can take the loss after 25 years. i am also not bashing the company and the agent but rather the way she sold the policy to me and how she dont understand my needs before selling a plan i don’t need. it’s also my fault for not reading up before committing.
i have already terminated my policy and will not harp on this but concentrate on putting my money elsewhere for better growth.
didn’t bother telling my agent about this and she didn’t say anything about it either.
not sure if she is not notified yet or what , but her service is meh ~
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