So now, who’s best suited to take on Lifetime Savings Plan (LSP)?
1. Couples who are starting a family and would like to save for future generations
With no policy maturity date, you can now accumulate savings for as long as you want. With the option to transfer the plan to your children, it makes an invaluable gift for the next generation.
2. Individuals who have not determined their financial goals yet, but would like to get started
Deciding on wealth accumulation goals and their specifics may be too early for some, especially the younger generation. With LSP, there is no need to worry about setting a maturity date, and one can enjoy the flexibility to withdraw partial funds for future emergencies.
3. Those seeking guaranteed returns
The policy continues to run until termination, and it offers guaranteed returns after a certain number of years. You have the flexibility to keep the funds in the policy if you wish. The longer you maintain the funds in LSP, the greater the returns.
4. Individuals seeking flexibility
LSP can plug financial gaps that are unexpected or have been insufficiently provided for. For example, whilst parents would like to ensure that their children get the best education, there are no guarantees as to which route, their kids will eventually undertake. LSP gets you started on saving, but it does not lock you down on maturity dates and allows for fund withdrawals whenever you need them.
5. People who need a systematic savings approach
Unlike that of an erratic high-risk high-return investment vehicle, an endowment plan creates an organized system to help one save in a disciplined manner.