I bought Manulife ReadyBuilder plan(10years) with DBS & have paid for a year, when I signed up for my DBS Multi Acc. What would be the charge that would incurred, should I decide to cancel this plan?

Hi anon,

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Readybuilder is a whole life endowment plan; unfortunately there is no cash value in the first 2 years. (I have clients who have this plan, so I am familiar with how it works). Thus you will also not be eligible for policy loan.

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Ultimately there no explicit charges on the plan, but the way it is structured is that there will be no surrender value for the first 2 years.

If you want to cancel, Choong Hwee makes some very good points.

I bought the same plan over 3 years ago and have considered closing it but I haven't cause I consider it my low risk investment. This combined with my DIY investments help to even out my entire portfolio.

In the dbs app, my current coverage ÷ my invested amount gives around 7% interest. That's an annualized return of 2.3%. This is a very small ROI but I bought it knowing it was an endowment plan and not really for growth so its fine with me. I just plan to earn more and invest more in other things