Are endowment plans good for people who are saving for a new home?

Generally, they are more for your children's education or a second home as they need time to grow.

The best way to save up for anything in the short term is usually high interest savings accounts.

So what's best is really up to the length of time before they are needed.

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