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Anonymous

09 Sep 2020

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I have a maxadvance payout endowment plan with GE where I pay 5k each year for 10 years and hold for 15 years. I have paid for 3 years, should I hold it or surrender?

I am currently 26 now and signed back when I was 24, younger and dumber. Realised now that endowment plans may not be the way to go with investment.

Guaranteed payout at the end of the 15 years is only 52k. Non guaranteed at 3.25% returns will be 59k and 4.75% returns will be at 68k.

If I surrender now, I have paid a total of 15k and can get surrender value of 6.2k. The plan also comes with 37k accidental death benefit.

Should I keep this plan or surrender now and invest in other ways(ETFs)?

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saylavee

09 Sep 2020

Generally, endowments plans are a 'forced savings plans' with g and ng payouts. It shouldnt be compared to an investment product such as ETFs eg thus the returns will definitely not be as attractive as what you would get from putting into the above. I consider them as a higher return and longer term SSB, like a safety net for yourself rather then putting in fds/hisa. If you are able to achieve better ng returns using that amount then go for it. Its your money afterall, you do as you deem fit

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29 this year. Bought GE endowment 2 years ago (pay 10y, hold till 15y to breakeven), with annual premiums 3.6k. Now in 2nd year paid 7.2k. Current surrender value is 0. Just started robo-stashaway?

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29 this year. Bought GE endowment 2 years ago (pay 10y, hold till 15y to breakeven), with annual premiums 3.6k. Now in 2nd year paid 7.2k. Current surrender value is 0. Just started robo-stashaway?

I am paying 20k annually for an endowment plans. I would like to cut as the premium is too high. Is it advisable to terminate one of the policies that I already paid first year of 3k with payment year of 15 years?

Is there any other endowment plan that works similar to great wealth multiplier 15 for people who do not have a specific goals to save up for? The surrender value is > the premiums paid after 15 years

Wise to minimize losses of 8+ k in Year 2 by surrendering GE endowment plan? already paid 20k x 2 =40k, surrender value less than 32k .non guaranteed interest dive way below illustrated 3.25% in 10y?

What will you do if you have a retirement plan that you have paid for 2 years but still have 18 more years to pay and want to surrender to invest instead of waiting for payout (another 6yrs)?

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