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Anonymous
I bought Pruwealth II $6k/yr with hopes to pass it on to my future child or pay for his education needs. However, husband has some conditions and most likely we are not going to try for a child anymore. Is it worth to carry on with this plan?
I have investment with Syfe equity100 and thought that if I needed a safe component, I could just top up my CPF SA via RSTU and qualify for tax relief as well.
Is there anything else I should be thinking of?
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Hariz Arthur Maloy
20 Mar 2021
Independent Financial Advisor at Promiseland Independent
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Zac
20 Mar 2021
Noob at Idiots Invest
Fundamental approach is to challenge your initial motivations for the policy. In their absence, check if there is any other purpose for it (retirement, etc). If it has lost its purpose and has no other utility, consider the risk-reward of keeping it versus stopping it.
If you want to sell your policy, you can always try second hand policy brokers like Endowment Exchange and PolicyWoke.
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But if you surrender now, I think u lose some of ur capital?...
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You could see it as another tool similar to CPF with a little more liquidity and flexibility to withdraw in total on a future date.
While CPF is great, the rules aren't in your control. So with your current policy at least you get to choose when you want the money or just continue to let it compound.
Passing it to a child is only a secondary benefit and it doesn't have to be the main consideration as you can still benefit from it within your lifetime.