Bought Pru Wealth II at July 2020 as I was fearful of investing. Started investing with a robo before around Oct and it's doing well so far. Should I terminate it?

1) You would have to calculate the returns of putting in 6k into your CPF SA which is currently at 4% for 20 years to see if it would beat the returns of 4.75% (which I believe is not guaranteed) from Pruwealth II. So not sure if putting into CPF SA would be higher than putting into Pruwealth II.

2)You would stand to lose a huge portion of your money as this is only your first year. As there are surrender charges. You mentioned that you have started investing in Robo around Oct and it's doing well so far. However, there are risk in investment, and it might not always be doing well.

3)You mentioned that you are fearful of investing, you have to ask yourself, what is your risk apetite and how much losses can you tolerate in the event of a market downturn ? Would you still be able to operate normally ? Ie, not lose sleep.

Conclusion:

If u believe that your returns in investment will net you higher than this 6k you have put into , and the returns is able to be higher, you can consider cancelling your plan. If you have any questions, feel free to contact me

In my opinion, Pru Wealth II isnt a bad plan, it has capital guarantees and can be used for retirement. However, do note that there are similar products out there that have better returns but I digress. Taking a look at your financial objectives in the long run will be impararive in making an educated situation. Do you just want to hop on the investment train for quick cash? Or are you growing your money for a specific goal? These are important considerations to take.

But with that in mind, $6K yearly into a pruwealth plan does seem slightly excessive. Seeing that you haven't been paying for long, it might be good to terminate the policy in favour of a less financially intensive alternative, while channeling the remaining capital into a professionally managed investment portfolio to maximise your returns!

If you're afraid of the short time losses from already paying premiums for a year, thats completely understandable, but I advise you to look at the long term gains of such action. If you find trouble doing so, do not hesitate to speak to your financial advisor to help shed light on the situation, I'm sure he/she would be happy to help, at least I would be haha. So hope this helps, thanks for reading and note that this isnt financial advise, just my personal opinions :)