Should I get an Endowment Plan? (Great Eastern Great Wealth Multiplier)?

Hi, im 23 and just started working and have 1 year of emergency funds and 6 month of insurance money as backup. Currently, I am saving up around $800-$900 per month. I was thinking of planning to take up this plan which is a 10 years (around $300 per month). Any advice if I should take up this plan or is there any better endowment plan to recommend?

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Resuri negurumi hito Lee

12d ago

Er dont do it just dont go find other plans you get shocked when you see 80+years maturity payout date.

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Elijah Lee

01 Aug 2020

Senior Financial Services Manager at Phillip Securities (Jurong East)

Hi anon,

Great Wealth Multiplier is a lifetime endowment plan which will grow your money indefinitely with flexibility to withdraw your funds later on, at any point.

Some of the questions you should ask yourself are:

Is this the type of plan I want in my portfolio? What am I buying the plan for?
Is the time horizon suitable for me?
What are the guaranteed returns on this plan? What about the projected non-guaranteed returns?
Is the premium sustainable for me?

Especially important is your purpose in getting this plan. If you wanted to save money without any definite timeframe and have something to draw on later, this plan would work. If you wanted to save money for retirement and get a stream of income when you retire, such a plan might not be so suitable.

If this is indeed the sort of plan you are looking at, then you should be aware that many insurers offer plans similar to Great Wealth Multiplier. You can compare across various insurers to look at the numbers and find a plan suited to you.

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