Endowment

FWD Save First Series 2: Secure Your Future with Smart Savings

In today's fast-paced world, planning for the future can often take a backseat to our immediate needs and wants. But what if there was a way to save for your future goals while still enjoying the present ? Enter FWD Save First Series 2, a savings plan designed to help you achieve your financial aspirations with ease and flexibility.

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What is FWD Save First Series 2?

FWD Save First Series 2 is an innovative savings plan that combines the benefits of regular savings with the potential for higher returns . It's designed for individuals who want to build their wealth steadily over time, without compromising their current lifestyle. This plan offers a unique approach to savings, allowing you to grow your money while maintaining the flexibility to access it when needed.

Key Features That Make FWD Save First Series 2 Stand Out

Flexible Savings Period

Choose a savings period that suits your goals, from as short as 5 years to as long as 20 years

Guaranteed Returns

Enjoy a guaranteed return on your savings , providing you with financial security

Potential for Higher Returns

Opportunity to earn additional non-guaranteed returns, boosting your overall savings

Regular Payouts

Receive regular cash payouts , giving you the flexibility to use the money as you see fit

Life Protection

Includes a life insurance component, providing financial protection for your loved ones

Optional Riders

Customize your plan with additional riders for enhanced protection

Why compare Save First Series 2 with other Endowment options through Whatins?

Traditional Approach

  • Only see one company's projected returns
  • May push higher projections without context
  • Limited comparison of guaranteed amounts

Whatins Advantage

  • Compare guaranteed returns across insurers
  • See how different companies project returns
  • Get multiple views on bonus rate histories
  • Understand different payout structures

How Does FWD Save First Series 2 Work?

Choose Your Premium Payment Term

You decide how long you want to pay premiums, typically ranging from 5 to 20 years.

Select Your Policy Term

This is usually longer than your premium payment term, allowing your money to grow even after you've stopped paying premiums.

Regular Savings

You make regular premium payments, which FWD invests on your behalf.

Guaranteed Returns

A portion of your savings grows at a guaranteed rate , ensuring a minimum return on your investment.

Non-Guaranteed Returns

Your savings also have the potential to earn additional non-guaranteed returns, depending on the performance of FWD's participating fund.

Regular Payouts

You receive regular cash payouts, which you can choose to reinvest or use as you wish.

Maturity Benefit

At the end of your policy term, you receive a lump sum payment, which includes your guaranteed and non-guaranteed returns.

What Are the Benefits of FWD Save First Series 2?

Financial Discipline

Regular premium payments help instill a habit of saving , ensuring you consistently set aside money for your future.

Potential for Higher Returns

The combination of guaranteed and non-guaranteed returns offers the potential for your savings to grow faster than traditional savings accounts.

Financial Flexibility

Regular cash payouts provide you with additional income , which you can use to supplement your lifestyle or reinvest for even greater returns.

Peace of Mind

The life insurance component ensures that your loved ones are financially protected in case of unforeseen circumstances.

Customizable Protection

Optional riders allow you to tailor your coverage to your specific needs, such as critical illness protection or disability income.

Tax Benefits

Depending on your local tax laws, the returns from your savings plan may be tax-advantaged.

Real-Life Scenarios

Saving for Your Child's Education

Imagine you have a newborn and want to save for their university education in 18 years. With FWD Save First Series 2, you could choose an 18-year policy term, make regular premium payments, and allow your savings to grow over time. By the time your child is ready for university, you'll have a substantial sum to cover their education expenses .

Planning for Retirement

If you're 35 and want to boost your retirement savings, you could opt for a 20-year premium payment term and a 30-year policy term. Make regular contributions during your peak earning years, enjoy the compound growth of your savings, and start receiving regular payouts in your 60s to supplement your retirement income .

Saving for a Major Purchase

Let's say you want to save for a down payment on a house in 10 years. Choose a 10-year policy term, make consistent premium payments, and at the end of the term, you'll have a lump sum that can go towards your house deposit .

How Much Can You Save?

The amount you can save with FWD Save First Series 2 depends on several factors:

  1. Premium Amount : The more you contribute regularly, the more your savings can grow.
  1. Policy Term : Generally, a longer policy term allows for greater potential growth.
  1. Premium Payment Term : This affects how long you'll be making contributions.
  1. Investment Performance : The non-guaranteed portion of your returns depends on the performance of FWD's participating fund.

It's important to note that while the plan offers potential for higher returns, it also comes with some investment risk. The non-guaranteed portion of your returns may fluctuate based on market conditions.

Pros and Cons

Pros

  • Combines savings with life insurance protection

  • Potential for higher returns compared to traditional savings accounts

  • Regular cash payouts provide financial flexibility

  • Customizable with optional riders

  • Instills financial discipline through regular savings

Cons

  • Requires long-term commitment

  • Non-guaranteed returns are subject to market fluctuations

  • May have penalties for early withdrawal or policy termination

  • Premiums may be higher compared to pure savings products

Frequently Asked Questions

Can I withdraw money from my plan before it matures?

While the plan is designed for long-term savings, some plans may offer partial withdrawal options. Check with FWD for specific details.

What happens if I can't continue paying premiums?

Depending on how long you've held the policy, you may have options like reduced paid-up insurance or cash surrender. It's best to discuss this with your financial advisor.

Are the returns from this plan taxable?

Tax treatment of returns can vary depending on your local tax laws. Consult a tax professional for advice specific to your situation.

Can I increase my coverage or savings amount later?

Some plans may allow you to increase your coverage or savings amount. Check with FWD about the options available under FWD Save First Series 2.

What happens to my savings if something happens to me?

The plan includes a life insurance component, so your beneficiaries would receive a death benefit that includes your accumulated savings.

Conclusion

FWD Save First Series 2 offers a compelling combination of savings and protection , designed to help you achieve your long-term financial goals while providing flexibility and potential for higher returns. It's an excellent option for those looking to build their wealth steadily over time, with the added benefit of life insurance protection.

However, as with any financial decision, it's essential to carefully consider your personal circumstances, financial goals, and risk tolerance before committing to a savings plan. While FWD Save First Series 2 offers many attractive features, it's important to understand that it requires a long-term commitment and that non-guaranteed returns can fluctuate.

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