Jiayee

Salaryman at some company

29 Dec 2020

∙

How would you deal with this old policy: NTUC Income "Living" policy. Entry date Apr 2001. Sum assured $50,000. Bonus $650. Net cash value close to $20,000. Monthly premium $110.50 until age 85.?

This is my mum's (54) policy. How would you deal with this policy? If cashing out, what options can she consider other than Singlife? She is conservative.

She takes home at least $500/month. She also gets extra support from the family (approx $1,000/month). She is currently paying for an endowment plan at $420/month.

The tooltip for the bonus section in NTUC Income website says, "Full value of bonus is payable when policy matures or a claim is payable."

Thank you~

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Gerry

29 Dec 2020

Hi jia yee,
I also have the exact same policy but i am paying $640/yr and my parents bought it for me back in 2003....... I also asked a similar qn

https://seedly.sg/questions/ntuc-life-insurance

do look into the replies as given by the others.

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Benjamin Goh

14 Dec 2020

Financial Consultant at Prudential

Hi Jiayee I would check how much the surrender value of the policy first before deciding. However if she is relatively conservative when it comes to risk appetite maybe she could put them into a retirement annuities lump sum payment plan and let it accumulate till payouts can begin. The other option is to put it into a compound interest based endowment plan.

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PolicyWoke

14 Dec 2020

Turbo-charge Your Savings with REPs at PolicyWoke

Hi Jiayee,

You can seek advice from your servicing financial advisor on what to do with your Mum's ...

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