Are endowment plans actually good for impulsive spenders?

Hi Anonymous,

Endowment plans are generally designed as a form of "forced savings" for whatever goals one has. Before buying an endowment plan, ensure that you read and understand the following statement which can be found in all endowment plans' proposal:

Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the surrender value payable (if any) may be less than the total premiums paid.

Disclaimer: PolicyWoke is a 2nd-hand endowment policies broker