Negative return from endowment policies

Dear Mr Tan,
Thank you for all your effort at this site and FiSCA (I just became a member). I really appreciate all that you are doing for us consumers.

Recently I have decided to give up 4 endowment policies. I have not actually terminate them but I have informed my agent of my desire. I have held them for 10 years and have another 10-15 years more to go. The current cash value is very low. I would only get back half of what I put in if I were to give them up now. Two policies were meant for my son's education and the other two are for my own savings.

I am thinking of cashing them out now and putting them in other forms of investment that would hopefully give me a better return by the time my son enters college. He is 14 now. I do not have a lot of time left as you can see. What is the best way to grow the money to meet that goal? The policies will only mature when he is 24 and 25. Are the policies worth keeping or are there better options?

I really hope to hear your advise on this.

REPLY
Please read this FAQ. I hope that it will help you to make a better decision.

You can also read other FAQs here.