Brolp said: "Yea right, in the long term, we're all dead."
and "I therefore cringe whenever I hear the word 'long-term' being uttered. A shiver of uneasiness will creep up my spine."
But, there is one group of people over long term are safe and happy. The rest of us may or may not. This particular group of lucky people have Bank Of Papa or Bank of Mama behind them and over long term they will takeover the "Bank Account"; if not, then sue the bank for it - Woman with S$8.8m takes bank to court .
Long Term Planning for Kid's Education
Like many others, I did long term planning for my kids' university education using Endowment policies.
Generally, over long term, endowment policy should be relatively safe, provide protection, and reasonable risk-returns.
But, in reality it is not true at personal level over long term. It is when you need the money that really counts and the outcome may be unexpected. The amount you received may fall short of your projected target after years of inflationary effects and unfortunately at that time, what if you have no other means of financial resources to mitigate the shortfall and can be serious.
My Endowment Plan
Insurance - Enhanced Endowment Policy Suck!
In my case it is unfortunate that the Endowment policy matured at the wrong time. It has matured during the time of the Greater Bear of 2008 and I believe the Endowment fund's assets must have been severely wiped out and give such poor returns.
Has my Endowment policy matured in 2007 instead of 2009, I might be singing different tune about Endowment policy.
Over long term are we safe? It definitely depends when you need the money. If you need the money at the next Greatest Bear, I bet you might be crying bitterly so it is not wise to bet over long term that we are safe.
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