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Insurance is not a ponsi scheme. It is a vital tool for family and self protection against early death, disability and illness. Just don't buy endowment but life insurance.
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endowment , early payout , saving plan. more is good?
- Thread starter MovieStar
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Insurance is not a ponsi scheme. It is a vital tool for family and self protection against early death, disability and illness. Just don't buy endowment but life insurance.
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Insurance is not a ponzi scheme because as far as I can remember none of the reputable companies have defaulted on a pay out
Just remember to stick to term life insurance. Avoid whole life and endowment schemes.
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Don't waste your time on saving plan/endowment/life insurance stuff from Sinkie insurance companies, they give pathetic returns and not worth it.
Don't be fooled by the projected returns that the insurance agents/"financial consultants" show you in their sales presentation, the projected returns are not guaranteed and the actual returns you will get is much lower. The agent's spreadsheets on projected returns is a big con to cheat you, the agenda of the insurance company is to get long term cheap money from you and give you miserly returns.
I've one such policy from NTUC Income for many years and the returns every year is pathetic, never once was it close to the projected interest returns in their spreadsheets. One of my relatives was an NTUC Income agent and asked me to buy, and that was the only reason why I bought it, as a show of support to his career. But I will never ever buy another endowment/life insurance policy from Sinkie insurance companies again.
Don't be fooled by the projected returns that the insurance agents/"financial consultants" show you in their sales presentation, the projected returns are not guaranteed and the actual returns you will get is much lower. The agent's spreadsheets on projected returns is a big con to cheat you, the agenda of the insurance company is to get long term cheap money from you and give you miserly returns.
I've one such policy from NTUC Income for many years and the returns every year is pathetic, never once was it close to the projected interest returns in their spreadsheets. One of my relatives was an NTUC Income agent and asked me to buy, and that was the only reason why I bought it, as a show of support to his career. But I will never ever buy another endowment/life insurance policy from Sinkie insurance companies again.
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