As a matter of fact, different plans suit different people with different objectives. As a result, there is no way to determine whether this is the right choice for you without knowing more about you.
For this purpose, we will usually go back to the basic needs analysis, e.g.
To point out, I believe that your insurance agent should have already done an in-depth analysis with you before you sign up for the plan. This is so as to ensure that you are getting the right plan for the right purpose. If not, then you shouldn't even sign up for the plan in the first place. Nevertheless, let me give you a brief idea about the plan.
To begin with, this is a participating endowment policy. Accordingly, your premium ($350 monthly) is invested into the insurer's participating fund.
More Details: What is a Participating Fund Singapore
In effect, the insurer will give you a combination of guaranteed and non-guaranteed returns (typically in the form of reversionary bonus, and terminal bonus).
More Details: Reversionary Bonus and Terminal Bonus Singapore
At this point, the question will be whether you are comfortable with the risk involved in the participating fund, and the yield that you will get in return. (You may refer to the policy illustration for the full details.)
If yes, then it looks like you have made the right choice of plan.
If not, then what is the issue? In this case, go back to the abovementioned quesstions to figure out what you need. At the end of the day, the plan is just a plan. What's more important is the planning and how it gives you confidence for the future.
I share quality content on estate planning and financial planning here.
As a matter of fact, different plans suit different people with different objectives. As a result, there is no way to determine whether this is the right choice for you without knowing more about you.
For this purpose, we will usually go back to the basic needs analysis, e.g.
What is your objective?
What is your risk appetite?
How does this plan fit into your overall financial portfolio?
To point out, I believe that your insurance agent should have already done an in-depth analysis with you before you sign up for the plan. This is so as to ensure that you are getting the right plan for the right purpose. If not, then you shouldn't even sign up for the plan in the first place. Nevertheless, let me give you a brief idea about the plan.
To begin with, this is a participating endowment policy. Accordingly, your premium ($350 monthly) is invested into the insurer's participating fund.
More Details: What is a Participating Fund Singapore
In effect, the insurer will give you a combination of guaranteed and non-guaranteed returns (typically in the form of reversionary bonus, and terminal bonus).
More Details: Reversionary Bonus and Terminal Bonus Singapore
At this point, the question will be whether you are comfortable with the risk involved in the participating fund, and the yield that you will get in return. (You may refer to the policy illustration for the full details.)
If yes, then it looks like you have made the right choice of plan.
If not, then what is the issue? In this case, go back to the abovementioned quesstions to figure out what you need. At the end of the day, the plan is just a plan. What's more important is the planning and how it gives you confidence for the future.
I share quality content on estate planning and financial planning here.