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Is your banker/insurance agent recommending you the best product?

One of our client’s mum was approached in a bank branch to purchase an endowment plan. It sounds like a good deal that she gets to save at a higher interest and get a Samsung handphone for free. Or was it?

The client called us, and we sourced from the other insurance company for comparison. It turns out that there are several plans with a higher projected return. The expected return ranges from 1.8% per annum to 3.2% per annum across insurance company. The difference of 1.8% and 3.2% interest per annum translates would to approximately $7000 difference in projected maturity value in this case. Hence, it turns out that the free handphone could be very costly! You may want to refer to our comparison table for more details.

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Disclaimer: All postings are personal views, and opinions meant solely for educational or informational purposes and not to be taken as actual advice. Please contact a qualified person or organisation who is capable of answering your questions about the respective topics you are keen to find out in further details. Certain information may change from time to time and may not be true or updated by the time you come across it here. You are advised to counter-check information for its accuracy before reaching a conclusion of you own. We hope this article is useful to you.

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