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Anonymous
My insurance agent is pushing me to get AIA smart flexi reward or great Eastern flexi cashback.
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Cedric Jamie Soh
20 Apr 2020
Director at Seniorcare.com.sg
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Tan Li Xing
19 Apr 2020
Financial Consultant at Prudential Assurance Company (Singapore)
Hi Anon,
The most important is whether it meets your needs. Based on my understanding of such products is that there is a yearly cash benefit option after X number of years and also upon maturity there is also a lump sum payout.
However, if you are okay with postponing the cash benefit option and prefer to have a shorter payment term with the same maturity term, I believe that there will other options that gives you better returns.
The main reason one should consider getting a saving policy from an insurance company is that it serves 2 purposes, 1, it enforces you to have a discipline to save, of which there is a higher return rate as compared to saving else where. 2, it will provide you with insurance coverage during the entire term of the policy as well. So both points are actually to your benefit.
Do reach out if you have further questions
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Pang Zhe Liang
19 Apr 2020
Lead of Research & Solutions at Havend Pte Ltd
Instead of being pushed to buy a plan, spend quality time to understand your own needs. For the most...
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I used to like saving plans a lot but that was 10 years ago where there was no such things as ETF nor shares monthly purchase plans.
Buy ETF instead of saving plans.
Buy shares monthly plans instead of insurance plans.
Seedly has a great comparison article on such share saving plans
https://blog.seedly.sg/which-regular-savings-pl... βββ