Friday, October 26, 2007

Protection under a ILP policy

Dear Mr Tan,

I bought ILP 1 year ago. I heard the charges will be getting higher as growing older. I plan to use it as a investment. When I get old, I will withdraw all the amount and left a minimum of 1k inside. I heard from my agent the protection will value will will be there if I don't draw out all the money. Any advice regarding this matters?

REPLY

It depends on your ILP contract. You have to confirm this matter with the insurance company, in case the agent is mistaken (which I believe is the case). The insurance company is unlikely to leave this type of loophole for the benefit of the customer.

5 comments:

Khiat Han Hwee Adrian said...

Check what is your premium allocated for investment in your 1st year. Check out for 2nd and 3rd yr too.

If you only buy one year ago, its not too late to stop this plan, though you will lose quite a bit. However, if you carry on, you will lose more. You have time to salvage your mistake at this point.

I suggest you find an honest adviser asap and review your policy again.

Loh Hon Chun said...

Why ILP is not a good choice?

Gregory said...

It should be okay as it encompasses many things like a portion for protection & if it is kept affordable eg: prulink assurance..

Anonymous said...

Why ask him to stop without finding other facts?

Anonymous said...

I think evrybody is confused about htis paln. comapring apple with orange?

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