Anyone has the Great Eastern Family 3 Savings Endowment Plan? Are there any Pros to this? Should I terminate the policy?

Firstly, you should analyse all your insurance policies together. This way, you have a broad overview on what you are covered for, and to help you understand the exact coverage that you will need now and for the future. Here is some info on why it is important: https://www.blog.pzl.sg/why-every-client-needs-...

Once you have a complete and full understanding on your entire portfolio, evaluate how this policy can fit into your current and future needs (list down the pros and cons objectively).

This policy gives you basic life coverage in addition to the guaranteed annual cashback. Depending on the size of this cashback, it may help you to cover some of the fixed expenses that you have in the long run.

If you need the money, then use the cashback. Otherwise, you can choose to re-deposit it with the insurance company for a higher non-guaranteed accumulation rate. In most cases, this rate is much higher than the bank's prevailing rate.

While this plan has its advantages, we will have to go back to the basics and understand whether it fulfils your needs. At the end of the day, you will continue to feel uneasy paying for the plan for the next 11 years if it is not something that you need or want.

All things considered, never cancel your policy simply because you are unhappy about it (emotional decision). After all, these are all your hard-earned money.

As always, speak with your agent or a trusted professional on this matter and evaluate the entire situation with him. With a comprehensive insurance portfolio summary and a detailed discussion on your current needs and future goals, we can then decide on the best course of action. Ultimately, nobody likes to lose money.

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Hey Anon, so yes, this is what we a call a 3-gen annuity policy.

It provides a stream of income over multiple generations and is used mainly for retirement planning and wealth distribution to future generations.

This may not be a bad plan if you're looking to have a form of savings as the income payouts can be reinvested with GE to compound at 3% annually.

It would also be something you may eventually purchase in the future for your retirement. So if you can afford it, I'd suggest keeping it and treating it as an investment for your retirement. Just reinvest the income stream and take it out in the future.

But if let's say you can't afford it or have found another vehicle that may suit you better, make sure you calculate the opportunity cost in giving this up.

And lastly, if the decision is to let it go, then consider selling it to a 3rd party that purchases such products.

You can check out policywoke.com (not sponsored or affiliated). They'll probably give you a higher surrender value than the insurer.