Should I buy endowment insurance plans?

Wondering whether you should buy endowment insurance plan from your insurance adviser or agent?

First of all, remember, always know what are the different types of insurance products available and what purposes they serve. 

(See: What are the different types of insurance products available in Singapore?

I am looking to buy insurance in Singapore. What are the factors I need to consider?)

An endowment insurance product serves primarily as a savings and wealth accumulation vehicle. While it usually comes with some sum assured and insurance protection, they are relatively low for the same premiums paid compared to whole life insurance or term insurance products. 

Because an endowment plan is supposed to accumulate cash values and bonuses and pay out upon maturity or periodically according to schedule.

So if you are looking for insurance coverage and protection, and an endowment insurance is recommended to you, it is strongly suggested that you look for a second opinion.

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