Possible to terminate a endownment policy?

Endownments are designed to be long term financial products. Meaning to say that as long as your don't hold to maturity, you will most likely be losing money. 1 year into the policy and your termination (Surrender) will result in a return of $0.

Some people sign up for endownments as it helps them to "force" save, to inculcate that form of habit. (Which could be a reason when you signed up for it.)

A solution would be to ask your dad for help maintaining the policy at least until you are able to find a stable job.

Also, you need to determine the tenure of the policy, 5,10,15,20,25 years endownment policy? And find out whether it is limited pay (Pay for a period, then wait for maturity) or regular pay and see whether you are happy with it. Some endownments have withdrawal options after the 2nd year where you can kind of "withdraw" while paying your premiums, which in a sense is to help reduce the premiums.

It is best to speak to your financial advisor and ask for their advice as they would be more familiar with the product and have similar clients who were in such a scenario before.

Good luck :D​​​

Hi Nikki

You might want to see how many years this plan is going to run. If it is really too hard to sustain till the end (after all, you will finish NS and then return to the work force), surrending would have zero cash value, so you might want to consider selling off the plan to a company that purchases resale endowments. You should be able to get some value instead of zero, which would be better than nothing.

Or, see if your dad is willing to extend a helping hand. Ideally you would want to keep the policy all the way, but it may not be possible in your situation. Good luck!