How do I cancel an endowment plan?

To cancel the plan: Just cancel away the GIRO arrangement.

Don't do it to support your friend. If your friend just wants to earn your commission and you're out there to "support" him, you're better off without this friend. That's because this friend doesn't think for the best of your interests, but he simply wants to make a quick buck.

Please read my article on why SSB could be better than endowment plans, to equip yourself with some knowledge on alternative financial instruments out there.

https://savesmartsingapore.com/2018/10/27/the-d...

just cancel the plan to prevent throwing money after bad money

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most endowment plans are rubbish, ssb is a good benchmark to compare the returns

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ur friend's commissions comes from your money after all

I’m going to echo some of the thoughts which have already been shared here!

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You probably signed it because the agent is your friend?

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Just cancel it and be firm with your decision.

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You are too nice a person haha, he should be happy that you are thinking of his commission but you will have to think of your own finances! And what is your plan.

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it might affect his performance because you cancelled the plan And naturally your relationship with him/her but u must know that this is a service that he has provided Which now you as a user of that service feels like you want to cancel.

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A deeper question for him would be Why would this situation even happen in the first place? Did he do a proper assessment in the first place?

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If you really want to support him u need to know that by continuing on the plan it’s actually doing a bad thing cos now he will never fully understand why he may be losing clients also - probably due to inproper financial planning.

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just my two cents!

Please seek advice from a financial advisor to determine if cancelling your endowment plan is the way forward. Should you then choose to cancel it, do not do so yet as there are other ways you can do to your endowment plan to get more money back than the surrender value when cancelled:

1. Sell your endowment plan to Reps Holdings or Conservation Capital.
2. Trade out your endowment plan via FidentiaX, which will be available in Nov 2018 .