My journey of building up 19 endowments

Part #1 New Endowments (10 NEW policies)

At the age of 47, after fully paid my home mortgage, car loan and children entered into the Secondary schooling, I am better to commence my passive income savings.

After some lousy hits-and-runs in local stocks, I decided to slowly nibble into buying new endowments as a way of savings.  No one taught us how to save!!

Over 10 years, I finally bought a total of 9 new endowments invested, directly through the insurance companies:

2011: 1 endowment, amt: $100k (from GE)

2012: 1 endowment amt:  $130k (from GE)

2013: 3 endowments amt: $ 92k (from INCOME & GE leveraged endowment)

2015: 1 endowment amt:   $ 42k (from Prud)

2019: 2 endowments amt: $160k (from TM & INCOME)

2021: 1 endowments amt: $ 73k (from GE PLG3)

Total premiums: $596k (Part #1)

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Part#2 - Resale Endowments (10 Resale Policies)

In Jun 2021, Monetary Authority of Singapore announced the lowering of Par Fund Performance low and high return payout.  This was to take effect on 1 Jul 2021!

This makes buying new endowments less attractive.  And also I am in my mid-50s, it is better to invest into CPF to earn risk-free interest.

You can see me annually topping up my CPF full every year.

Besides, I started to buy into Resale Endowments; meaning, people surrender their endowment policies, I buy into theirs and resume paying their policies to its maturity.

These are official take over of policies at the Insurers Branches; duly signed to be the new owner of their policies.

That began my journey into buying Resale Endowments.  

I called it "Ferrari Fast Forward" - Faster way to buy Endowments and matures quickly.

(Mr Ferrari Part2 (Fast Forward) Story - Not that I own one Ferrari.  But to save a Ferrari out of diligent baby steps investing through endowments).

I collated my 10 resale endowments invested:

2020: 2 endowments, amt: $ 54k
2021: 2 endowments amt: $  60k
2022: 3 endowments amt: $116k
2023: 3 endowments amt: $111k

The bulk of the premiums are fully paid.  Now is to annually pay off some regular annual tapering premiums till age 67; another 8 more years.

Total premiums: $341k (Part #2)

~~~~~~

Total premiums invested: $937k

By nibbling, one can build up a neat sum for annuity payout for retirement.

That was the Story which I share with people about small saving through buying endowments can build up a substantiate portfolios of layered annuities.

Wow!! actually not small sum; it surprises me too.   I nibble save close to $1M !!!


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