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Anonymous
Dear Experts,
My mother bought an endowment from OCBC in 2013. I noticed that the banker told her that she is only required to pay $30,000 over 5 years. However, contract stated that she is required to pay $6,000 annually over 10 years.
I called up the banker and she told me that my mother will receive Survival Benefit for the last 5 years of her policy. When probed further, she just brushed me off.
May I know what is a survival benefit and how does it work in this scenario?
Thank you.
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Tan Siak Lim
13 Oct 2021
CFP. Director, Financial Advisory Group at Financial Alliance
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Yes the banker told me paid 5 year then another 5 year will paid by insurancs am I right?that mean 100% cover or ?
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Loh Tat Tian
04 Oct 2021
Founder at PolicyWoke (We Buy Insurance Policies)
If I am not wrong, survival benefit is the cashback that your mum can receive. Hence they usually us...
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I believe that means the remaining 5 years will be self-funding