Posted on March 21st 2018
This article first appeared on DollarsAndSense.sg
If you have been through a financial planning session with an advisor, there is a good chance that you would have heard of Endowment Plans. You may even have bought a plan (or two) after discussing with your financial advisor.
But what exactly are endowment plans? More importantly, are you buying the right plans that fulfill your needs?
What Are Endowment Plans?
In Singapore, endowment plans are sometimes known as “endowment insurance”, mainly because there is usually an insurance component tied to the plan.
There are a few characteristics that typically defines an endowment plan is.
Maturity Period: Endowment plans will have a fixed maturity period. This is generally between five years to 20 years, depending on the type of plans that you buy. Usually, the maturity of your endowment plan should coincide with your objective for …