If you are a Singaporean and have to check out this piece of news (source: ChannelNewsAsia), the Insurance Industry is going through a big change… Read More »Consumers Allowed To Purchase Insurance Directly Online – The Good & The Bad
Goodbye 2013 and welcome to 2014! I hope you have enjoyed good health, planned well and increased your overall wealth in 2013! If 2013 had… Read More »How’s Your Money Accounts In 2013? Welcome To 2014!
I do not know whether your Financial Planner knows anything about medical conditions but personally I would think that it’s good that any Financial Planner,… Read More »Good To Have A Financial Planner Who Has A Little Medical Background/Knowledge
I have recently released my very own (and first) Android App and it’s called Insurance Returns. And if you have an Android Phone/Tablet (preferably those 10.1″) and you are looking for an App that can help you to calculate the compounded rate of returns for your Regular Savings Plan or Single Premium Plan, you can try out this app today!
How Can The Insurance Returns App Help In Financial Planning
If you are serious in planning for your children’s University Education with an Endowment Plan, do you know that beside the traditional or usual types of plans that ask you to:
- Pay For ‘X’ number of years for the same ‘X’ years of coverage term
- Pay For ‘X-5’ number of years for ‘X’ years of coverage term plus the option to withdraw a certain percentage of the Sum Assured for the last three years (meant as a form of using it to service the child’s first year followed by second to third year of university education)…
There’s another type of Limited Pay Endowment Plan that allows you to service like 5 years only and the plan continues to the end of the coverage term (and most importantly… the maturity return can be like 40% – 60% potentially higher than those plans mentioned above)?
If you are unaware and you are interested to know more, do continue to read on…
What You Need To Know About This Type of Limited Pay Endowment Plan
As mentioned, the main attractive feature of this type of Limited Pay Endowment Plan is that you need to service like 5 years of Premium Term and the plan continues to enjoy the insurance company’s annual bonuses till the end of the coverage term (usually in the range of 15 years and beyond)
The next attractive feature is that the returns can be potentially higher than most of the usual endowment plans, including those termed as Education Funding Plans. And this is despite the fact that the total premiums paid for this versus others are mostly the same!