Dear Mr Tan,
I bought an Investment Link Product in 2001 and made an investment of $1,000. This investment has is being depleted by the monthly charges. If I wish to make a partial withdrawal, I have to incur a charge of almost 40%.
When I bought the ILP, I was only 19. Can the policy contract be binding on me? I was not informed that the investment would be subject to the fee deduction and the withdrawal charge.
When I asked the adviser, he said he did not know that the fees would be deducted from the investment. I am bearing the brunt of his negligence. Does it mean that as long as the clause is in the contract there is no duty for him to advise me personally?
Thank you Mr Tan, I really really appreciate your help.
I suggest that you ask the insurance company to give you a statement for the past 6 years, showing the amount that you have invested, and the charges that are taken out each year (indicating the type of charge).
This statement should show what you can get now, if you cancel the investment. If you pass the statement to me, I will try to see if the charges are reasonable or excessive.
You should also get a written statement from the adviser that he was not aware about the withdrawal charge, and that he did not advise you about it. If you have this statement, you may have a chance to get the insurance company to allow you to make the withdrawal without this withdrawal charge.
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