facebookMy father's (59) lump sum endowment plan is maturing on Aug this year. Term is 10 years. Principal: 37k, Sum Assured: 45.5k Net Cash Value: 54k. Any advice if he should continue putting or to take out? - Seedly

Anonymous

05 Jul 2020

βˆ™

Insurance

My father's (59) lump sum endowment plan is maturing on Aug this year. Term is 10 years. Principal: 37k, Sum Assured: 45.5k Net Cash Value: 54k. Any advice if he should continue putting or to take out?

Discussion (1)

What are your thoughts?

Learn how to style your text

Hariz Arthur Maloy

05 Jul 2020

Independent Financial Advisor at Promiseland Independent

Hi Anon, if a policy is maturing, your dad cannot continue saving in the same policy. When a policy matures, they will give you a lumpsum payout.

What you do with this money afterwards is up to you.

But for your dad's age, I'd focus on income/cashflow, and capital protection options. Consider annuities and fixed income funds, or even CPF.

Write your thoughts