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Anonymous
Was buying an endowment plan at age 32 with a policy term of 88 years a really bad idea? I am married but with no kids. Premium term is 10 years and I have paid up one year but really tempted to surrender the plan which would mean loss of almost 8k. Either that or deal with $ being locked up for my imaginary children.. any advice?
I'm starting to build on bond/equity investing and also already have other whole life/term life insurance policies.
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Loh Tat Tian
13 Aug 2020
Founder at PolicyWoke (We Buy Insurance Policies)
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Tan Yu Ji
12 Aug 2020
Economics at Nanyang Technological University
Honestly, I feel that all endowment plans are bad ideas. It is mostly for someone who isnt discipline and need their money locked up to prevent them from spending. And most of the lock up period should be tilll your retiremment age. I believe that investing would yield you much higher returns in the long run. You will need to check with your advisor what is the breakeven age that you can withdraw your money, and I would suggest to withdraw and put into your own investments instead.
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Duane Cheng
12 Aug 2020
Financial Consultant at Prudential Assurance Company Singapore
Hi there,
You should be able to make partial withdrawals around the 18-20 year mark. You will not n...
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