Singapore Endowment Saving Insurance
Endowment / Saving Insurance
What is Endowment Insurance (EI)?
Endowment Insurance gives insurance protection and some investment value.
Although the premiums are higher than with the other two types of insurance,
endowment will help your family's finances should you die and provide a method
of long-term saving at the same time. This type of insurance can be taken
with or without profits.
A "with profits" policy lets you share in the profits
of the company - assuming there is one. The profits are normally added to
the policy annually, as a bonus. Once this has happened, the bonus cannot
be taken away, but bonus rates may change each year. The "without profits"
policy does not share in profits made by the insurance company. You get the
basic sum insured only. The most common type in Singapore is "with profits"
policy.
