insurance is insurance, saving plans from insurance are usually just to offset what you pay for your premium, so it make it looks like u don't pay alot, and in return u Might get back some of it in cash value.

Saving plans or unit trust does not guarantee performance and there is HIGH chance for them to underperform the market, yet they charges you a HIGH upfront sales charge and annual management fees.

ETF and EPF are better bets to me.

A. Contribute RM3,600 per year indefinitely. By age 65 I would have contributed around RM150,000 but the plan's cash-out value would be around RM450,000. Will be higher if I let it sit longer.
Average return over 40+ years for this plan is 4.0-4.5%. Slightly over inflation and underperform EPF.

B. Contribute RM12,000 per year for 20 years (total RM240,000). By my mid 40s I will stop contributing but the cash value continues to grow until whenever I close the account. By age 65 the cash-out value is around RM900,000, RM1.1mil at age 70.
Again this 4.5% return over 40 years, and chances are return is not guaranteed.

C. Contribute RM15,000 per year for 20 years (total RM360,000). By my mid 40s I will stop contributing but the cash value continues to grow until age 55 where the account matures and closes. Cash-out value is around RM700,000.
Same as B

Inflation will kill all the millions that you seemingly obsessed to. At 4% inflation per year until your are 65, RM1 mil at that time is equivalent to RM200k today.

Go for those pure FD promos and not those step up/enmark 10-20% into savings account as it will lower your nett interest.

Oh there's unit. 3x a year when they additional units is given to members. That time most people will sell. Can buy during that time. More info are found on asnb link. I like ASNB as it behaves exactly like FD but give higher returns.

What do u mean "3x a year they additional units..." When 3x in a year happens?

How long have you been contributing and if i may ask, how much would you lose?

What do u mean "3x a year they additional units..." When 3x in a year happens?

unsure of the amount of insurance coverage and benefits that comes with that plan.....thus can RigerZ pls tell more so that an almost apple to apple comparison can be made to the above comparison?
(the insurance coverage & benifits are needed to find an alternative almost similar term insurnace plan and its cost pa)

A. RM170,000 death/critical illness/TPD/policy maturity
B. RM75,000 death/TPD/maturity
C. RM800,000 death/TPD, RM200,000 critical illness

Check how much is the actual medical premium out of the contribution. Mixing both investment and medical coverage is just a trick to confuse the average person IMO.

Check how much is the actual medical premium out of the contribution. Mixing both investment and medical coverage is just a trick to confuse the average person IMO.

Ask yourselves, do you need to insure yourself with this amount of money?
If something happened, is the amount really needed by your dependents?

A. RM170,000 death/critical illness/TPD/policy maturity
B. RM75,000 death/TPD/maturity
C. RM800,000 death/TPD, RM200,000 critical illness

Actually not all of them looks like savings plan. Maybe got hope. Need to study a bit on it. How to use the money inside your insurance plan to cover. This could be your best shot. If not, then  you might need a slight expert to help.

The last one does not look like savings plan. Then again, your premium very expensive.

All hope is not lost, although i do think cut loss might be easier. Buying insurance should not need FD money to cover.

How to use the money inside your insurance plan to cover. This could be your best shot. If not, then  you might need a slight expert to help.

The last one does not look like savings plan. Then again, your premium very expensive.

All hope is not lost, although i do think cut loss might be easier. Buying insurance should not need FD money to cover.

Please share with us the policy name and we might be able to assist you with your predicament.

Best,
Jiansheng

Not sure why some plan to have so many insurance cum savings plan at such an age. Age * risk * dependents are relatively low for a person your age. At your age, the plan is to grow wealth.

..........
After I changed jobs last year (New job dont have incentives and commission. Admittedly this was a financial mistake), I did not get the increment and bonus I expected due to "below average company performance". It looks like it may be the same next year.

Long story short, I predict my total income next year to be just barely enough to cover living costs (and I live quite minimally) and contribute to my savings plans. There may not be surplus (or very little) for emergency funds and unforseen expenses.

I have about RM50,000 in F.D and thinking of putting a portion of them in other investment options.
I am looking around for a better paying job.

In case of a serious emergency I can still withdraw from any of the above savings plans but the lost amount will have a compounded effect on the future cash-out value unless I return the money soon enough.
Hint: mum is 63y.o, dad is 68.

Would appreciate your advice and feedback on my situation.

what is your take on all these? what is your next moves?


btw,...does yr aged parents has any sort of medical protection or risk mitigation plans?


if you ask me, about your query...
YES, you are overly committed to retirement saving with these almost similar kind of retirement plans with these kind of projected future payout rate at your current age and liabilities.

I'm strongly considering to cancel one/some/all these policies.

No my parents were never financially educated and dont have any medical coverage/protection. My dad has life insurance but I'm not sure how much