Should I use a robo-advisor or purchase an endowment plan?

Hi Derrick!
To determine between using a robo-advisor and an endowment plan, you would have to consider your personal profile and what are your objectives of investing!
In a few words, an endowment policy is a life insurance policy that helps you to save regularly over the specified term of the policy and payout a lumpsum at the end. (Seedly covers really well what an Endowment Plan is and how to calculate your returns here: https://blog.seedly.sg/guide-basics-endowment-p...)

On the other hand, a robo-advisor provides a value-advantage through low management costs while allowing you to have a diversity of choice. Many robo-advisors automate the investment process by tailoring a portfolio according to your investing goals, risk tolerance and investing horizon. As there are a plethora of robo-advisors, you might wish to consider which portfolio will best suit your needs (i.e. Management Fees, Investment Methodology). You can check out kristal.AI (https://solutions.kristal.ai/seedlypost)

Furthermore, you may wish to consider a Regular Savings Plan (RSP) to allow you to accumulate a monthly savings of $500 but at the same time allow your money to work for you through the RSS Plans! You can select to invest a fixed amount into a blue-chip stock or an ETF with your allocated monthly savings through this program. However, you would have to perform your own due diligence in selecting the asset to invest in!

(https://solutions.kristal.ai/seedlypost)

If you're lazy, an endowment plan is more suitable as you don't need to monitor its progress. An endowment plan is way more stable and most plans in the market offer capital guarantee for more than 10 years.

If you're willing to take risks, i.e. this $500 monthly savings you can afford to lose as much as 50% at the end of the investment horizon, then robo-advisor can be considered.

$500 monthly is a decent budget, you can afford to split the risk between robo-advisors and endowment plans. See how much risk you are willing to take on the $500 then you know how much to put where.