Getting the best value from your endowment policy
If you’ve only got a minute,
- By surrendering or selling your policy you would lose all insurance coverage and potential returns.
- There is now a way for you to access cash from your policy and allow you to reclaim ownership of your policy when you are ready.
- This provides you with the cash flow to meet your immediate needs while still allowing you to receive benefits for your financial goals.
Are you looking to free up cash flow for an immediate need? It could be for a family emergency, or an urgent savings need that just came up for you.
As you explore different avenues to gather funds, you could be looking to your endowment policy as a last possible solution to your tight cashflow situation.
The snag is - although you have contributed significant funds to the policy, it still takes a few more years before it matures and pays out.
You can wait no longer.
Previously, there are 3 options for you to access the cash value of the policy. You could
1. Get a policy loan from insurers at an interest of 5.75%p.a to 6.25%p.a
2. Surrender your policy to the insurer at a significant loss or
3. Sell it to a 3rd party broker that transacts in resale endowment policies.
When you first bought your savings policy, you had grand plans that it would help you save towards your important financial goal. Your goal might have been to fund your child’s tertiary education, a dream home, or your retirement nest egg.
But by surrendering or selling your policy to a 3rd party broker, you would lose all insurance coverage and the potential returns you would have gained if you had held your policy to maturity.
Your plans will be disrupted.
There is now a way for you to access cash from your policy and the good news is, it also allows you to reclaim ownership of your policy when you are ready.
With DBS Insurance CashAccess, you can sell your policy to DBS in exchange for cash to tide you through your cash flow position while helping you stay in control of your policy.
This is how it works.
DBS buys the policy from you and pays out its surrender value to you providing the immediate cash flow for your needs. With its innovative buyback feature, DBS provides you with the option to buy back your same policy at any time in the future before maturity. This allows you to regain the protection and maturity benefits.
And if you choose not to buy back your policy, you will continue to receive maturity benefits from the endowment plan with DBS only taking a small fee when the policy term ends.
Here is an example.
DBS Insurance CashAccess is the first in Singapore that keeps your endowment safe, providing you with the cash flow to meet your immediate needs while still allowing you to receive benefits for your intended financial goals.
Stay in control of your policy and find out more today.
To qualify for DBS Insurance CashAccess*, you should:
- Own a fully paid Manulife Endowment Policy due for maturity in 5 years’ time.
- Be a Singapore Citizen or Permanent Resident.
* DBS will perform a further in-depth assessment of your application after your application fulfils the above requirements.
Now that you have met the above eligibility criteria, simply click “Contact Me”, choose your preferred branch and our DBS Team Head will contact you shortly on the next steps.
Ready to start?
Speak to the Wealth Planning Manager today for a financial health check and how you can better plan your finances.
Alternatively, check out NAV Planner to analyse your real-time financial health. The best part is, it’s fuss-free – we automatically work out your money flows and provide money tips.
Disclaimers and Important Notice
This article is meant for information only and should not be relied upon as financial advice. Before making any decision to buy, sell or hold any investment or insurance product, you should seek advice from a financial adviser regarding its suitability.
All investments come with risks and you can lose money on your investment. Invest only if you understand and can monitor your investment. Diversify your investments and avoid investing a large portion of your money in a single product issuer.
Disclaimer for Investment and Life Insurance Products