Should I cancel my savings plan or continue?

Hi Anon, as a Financial Consultant I can honestly tell you to keep the Pru Life Multiplier as it covers death, terminal illness and accelerated disability. By the time I'm writing this you would have paid 2 years worth of premiums which means that there will be no returns at this point in time. I suggest you consult your financial consultant from Prudential that sold you this policy but my honest opinion is to keep hold of it, especially Pru Wealth where compound interest plays a major role in driving a big increase in returns. If what I say makes sense, I'll be happy to help you review your current policies with Prudential but of course non obligatory.

Hi anon,

I'm going to presume that PruLife Multiplier came with CI coverage.

If it does, then you will likely want to keep it. If something happens to you, the payout will be far more than whatever returns you can make from the stock market in the near term.

Even in the long run, there will still be some amount of payout from the plan. Plans that cover CI for whole life are generally meant to be kept.

As for PruWealth II, I don't know enough to comment, but remember that even if you can make returns from the market, you can make losses also. Endowments insulate a portion of your wealth from the shocks of the market as they are generally at least capital guaranteed and thus are your hedge against market volatility. However, as to whether PruWealth II is the best endowment of that sort in its class is quite up to debate since I don't have any numbers.

Seek advice from another advisor if you feel you might need a second opinion.