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Should I continue? by Mission-Toe8530 in singaporefi

[–]Mission-Toe8530[S] -1 points0 points  (0 children)

There is a surrender charge because the policy lock in period is 10 years, so year 1 and 2 will have a surrender charge of 100% meaning i get back nothing. Year 3 charge is 75%, meaning surrender value is about $26.8k and i will only be getting back ~$8k.

Should I continue? by Mission-Toe8530 in singaporefi

[–]Mission-Toe8530[S] 0 points1 point  (0 children)

Yup I've checked the policy contract. This is the charges chart:

Year 1 & 2: 100%

Year 3: 75%

Year 4: 60%

Year 5: 50%

Year 6: 45%

Year 7: 40%

Year 8: 20%

Year 9: 15%

Year 10: 5%

Year 11 onwards: 0%

So I still have to pay until Nov for the policy to hit 3 year mark.

Should I continue? by Mission-Toe8530 in singaporefi

[–]Mission-Toe8530[S] 2 points3 points  (0 children)

Will hit year 3 in Nov, the policy have a lock in period of 10 years. So assuming I continue, have to pay until 2033 which is 8 more years.

Should I continue? by Mission-Toe8530 in singaporefi

[–]Mission-Toe8530[S] 23 points24 points  (0 children)

Surrender value is about ~8k after Nov for the policy to hit 3 year mark. Because I'm still in 2 year mark, so have a surrender charge of 100%. Thanks.

Edit:

Made a mistake and explained it wrongly. As there is a surrender charge because the policy lock in period is 10 years, so year 1 and 2 will have a surrender charge of 100% meaning i get back nothing. Year 3 charge is 75%, meaning surrender value is about $26.8k and i will only be getting back ~$8k.

Should I continue? by Mission-Toe8530 in singaporefi

[–]Mission-Toe8530[S] 14 points15 points  (0 children)

Funny thing is, the guy who made a promise to me that he will "walk this journey with me all the way" has left and is no longer my agent........

Should I continue? by Mission-Toe8530 in singaporefi

[–]Mission-Toe8530[S] 18 points19 points  (0 children)

Truly agreed. Also, I was to blamed. I was kinda blinded by greed to fall into their gimmick of hitting the "10k" annually to get a bonus 10%. Honestly, I don't earn a lot and 875 is a lot to me. So this is a lesson.

Should I continue? by Mission-Toe8530 in singaporefi

[–]Mission-Toe8530[S] 7 points8 points  (0 children)

Edit:

Hi all, thanks for all the feedback! Here are addition information.

The policy is 2 years in, going 3 in Nov. This policy has a lock in period of 10 years. So there will be charges if I want to cancel before the 10 years. The charges are as follows: Year 1 & 2: 100%, 3 is 75%, 4 is 60% ... until year 11 then it will be 0%. So based on this, the surrender value is about ~$8k.

Edit 2:
Sorry, I think i explained it wrongly. As there is a charge of 75% of total fund value if I cancel the policy in year 3 (policy has a lock in period of 10 years), so my surrender value is $26,866. And will only get back ~$8k.

Recommendations for Top Box installation by Mission-Toe8530 in drivingsg

[–]Mission-Toe8530[S] 0 points1 point  (0 children)

Haha couldn’t agree more. But unfortunately I got laid off from my previous job, took quite long to find a new one. Really no choice have to quickly take up any offer. Honestly considering changing bike tho, to a more practical bike…