Anonymous
Life over Term? Give up my Endowment Plan? Advice Needed
In Nov 2020, I bought a life plan (Pruactive Life) which is $1.9K/ year. For rider (Pru Extra Plus) which is $225/ year. It covers Government Hospital up till A class ward.
In addition, I also have Pruactive Protect (premium $440 / year) which covers CI for 5 times, with a payout of $1K/ month for 3 years in the event of CI.
Should I give up both and go for a term plan by Singlife and a hospitalisation by HSBC (recommended by my friend from Finexis)
For Endowment (Pruactive saver II), my main purpose is to pay for my reno fees when I purchase a flat under the singles scheme. I am currently paying $3649/ year.
And I have a IPL (Pruselect) at $440/month for 20 years. Should I also give up both on this and go for Tokio marine Fundsmith instead?
Sorry Im loss, please advise 🙏 Thanks!
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Tony
05 Feb 2023
Computer Engineering at Nanyang Technological university
Only you know your circumstances the best. You will have to assess and decide for yourself.
why do you get those plans in the first place.
what has changed and why you want to change right now, especially for the endowment plan.
how much losses you will incur when surrendering these plans and how much you would gain getting those new plans.
get insurance for protection. For savings and for investment, there are products speficially designed for those purposes.
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All i know is you will lose your monies for terminating your policies with cash policies that are only a few years from the date of purchase. I dun think that's a good move.
for the term policies (policies with no cash values), if the premiums are lower and has better coverage, nothing much to lose, can consider changing.