Bryant Chua - Seedly
Bryant Chua

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Bryant Chua

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Bryant Chua

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Endowment Policies

Term Life Insurance

Insurance

Bryant Chua
Bryant Chua,
Level 1. Freshie
Updated 3w ago
Hi Cherie, most term life insurance are paid yearly for the term that you choose. It still provides for a life coverage for the stated number of years that you are looking for. Limited pay would be more for the Whole Life insurance, paying for a 10/12 years and getting coverage for life. However, limited pay are usually more expensive as the cost of insurance are squeezed into those few years instead of spreading it out. Hope this helps! Do drop me a PM if you have more queries

Financial Planners

Endowment Policies

Investment Linked Policies (ILP)

Insurance

Bryant Chua
Bryant Chua,
Level 1. Freshie
Answered on 17 Oct 2018
Hi! I would suggest that if finances are very tight, you could consider either putting your investment policy on premium holiday if possible or else you could consider surrendering the ILP. As for the endowment plan, i would say hang on to it as the losses from the endowment plan is not worth surrendering now and if possible, do continue to keep the endowment plan on. The above is for the policy directly for reducing losses. However, one big consideration you need to have is why you bought these policies in the first place. If you were looking to have a sum of money at the end of 30 years, both your policies would be able to do so. If you are looking for protection, then the ILP might be a better option since ILP tends to cover the whole life. You can drop me a PM if you need any help regarding any of the above or advice!
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