Dear Mr. Tan,
I am 55 year old and not working. Is NTUC SAIL plan suitable for me? Thanks
REPLY
I am not familiar with this policy. Here are some negative comments about the policy, but I am not sure if the comments are fair or accurate:
http://tankinlian.blogspot.com/2010/02/get-benefit-illustration.html
It is an endowment and annuity certain combined. I won't condemn it if it is sold properly to consumers. Whether it is suitable for you depends on your needs.The questions to ask are.
ReplyDeleteHave you already accumulated your retirement fund? If you have then maybe this product is suitable. if you haven't DON"T because it doesn't accumulate for you.Although the insurance salesmen or the company says the product accumulates the fund first then disburses the annuities . IT IS NOT TRUE!!!! WHY? IT DOESN'T ACCUMULATE IT PRESERVES ONLY IN THE FIRST STAGE. Is projected 4% return or lower accumulating when inflation is 3.5% to 3.8%? Is your money working harder? No...it is making commission for the salesman.
On the other hand if you have already accumulated your retirement fund preserving it for the next 10 years before releasing the incomes makes sense.
So , before jumping into the product consider what I have said. If the so called financial consultant behaves like a salesman without fact find you and analyse your needs , my advice is to get rid of him or her immediately. He or she is NOT suitable and not the product.
Take heed for it serves you well to be wary of the salesmen disguised as consultants. It is insulting or outraging your rights to competent and honest financial planning.