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Time really flies and there are just too many signs that I am growing older.
Today, I received a letter from Great Eastern Life to inform me that they have paid me $4,000.
The last payment took place three years ago but it sure doesn't feel like it. It feels like only a few months ago. Three years just went by so quickly.
I have quite a few simple endowment plans and this is one of two regular premium endowment plans. The rest are single premium endowment plans.
These days, I don't think we can find such simple endowment plans anymore or at least that is what people tell me. It is the era of ILPs now.
It is really strange how things are mixed up these days but there is a reason why things are strangely mixed up, isn't there?
Related posts:
1. Inflation adjusted retirement income plan.
2. Enhanced Incomeshield for my mom.
3. A common piece of advice on saving.
4. Retiring a millionaire is not a dream.
5. Why a wealthy nation cannot afford to retire?
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13 comments:
loved that feeling isn't it ? Out of the blue, the bank account gets credited. Have to log onto CDP A/C to see, who is paying what.
Keep it coming leh.
Huat ah & good weekend everyone.
Hi SnOOpy168,
For me, it is usually the other way since I usually do not check my bank accounts.
I get an advice that money is being credited and I check my bank account to make sure the money did get credited. :)
Good life AK. Bank account always so fat, that you never had to check.....
Hi SnOOpy168,
Er... I meant to say that I only check in reaction to advice received. I am a lazy bum. :(
hi AK, what kind of policy? So good, can get paid regularly?
Hi Ah John,
If I remember correctly, "Golden Lion 21 years".
You can check with Great Eastern Life to see if it is still available.
These days, however, I wouldn't bother with such forced savings plans but back then, it made sense to me. ;)
Hey AK71
What compelled you to take up these type of savings plan back then? Was the returns and terms attractive?
Now that I have known a bit more about investments, I find these savings plan unattractive. Their net returns are lower than a portfolio of ETFs diversified across asset classes, and moreover, they are very illiquid!
Personally I will only buy term insurance and invest rather than take up any ILP. :/
Hi wirbelwind,
Well, back then, it made sense to me because I didn't know any better. ;)
In those days, I had planned to have endowment and life insurance policies maturing at different stages of my life. Back then, quite a few friends were impressed with the way I planned my finances.
So much has changed since then, including the way I think. :)
It is also important to realise that we have the benefit of hindsight now. For people who started investing in stocks in 2007 and held onto their investments till now, would they have done much better? I wonder.
I had just recently decided to cancel an ILP that i bought for my daughter, under my wife's name and charged to my credit card.
Pending the process of terminating the policy, i had requested to have my conscent to allow them charged to my credit card revoked. To my dismay, i was told that there is no way that i can revoke my conscent, although i'm the one who gave such conscent a year ago, and it is MY credit card!
Hi Poh Soon,
That is unfortunate but I understand from some friends in the know that it is the way things are done.
Until the policy is properly terminated, the agreement is still in force which means that the premium will still have to be paid whenever they are due.
We can only hope that the termination process is smooth and speedy. :(
While they do not allowed me to revoke my conscent, to this insurances company's credit, they did offer a temporarily solution of suspending the payment for 1 months.
I had make trouble to call MAS and clarify this issue with this insurance company and it seems that you are right, base on my phone conversation with representative from this insurance company.
However, to make the complain formal, i had write in to get a formal explanation on why i'm not allowed to revoke my conscent. I believe that as consumer, we should make such demand and complaint with MAS, so that new guideline will eventually formulate to protect us, the consumer.
Nevertheless, checked with bank and was told that i could dispute the charges on my credit card, after fail in negotiation with the insurance company for refund, if they do not allow me to revoke my conscent and still charge on my credit card.
Hi Poh Soon,
Thanks for sharing your experience here with us.
Indeed, if enough consumers take action, we could, in future, have more consumer friendly laws in place.
The insurance company seems to be quite reasonable and flexible in allowing a temporary suspension of premium payment. Not too bad. :)
Time really flies... I was doing ibanking in OCBC and checked on my insurance policy... Maturing in 2016! Finally! After 21 years!
When I bought this endowment, I thought, "Just nice for some celebration money when I retire at 45." ;p
I have another regular premium endowment from NTUC Income. That one will mature when I turn 55.
Thought if I had insurance money to take at 55, then, no need to take the money from my CPF-OA for a while. ;p
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