Dear Mr. Tan,
In my foolishness, I bought an ILP from company X. After paying premiums for a few years, I was surprised to find out that my investment is still way below the invested amount.
I asked the agent for an explanation. He pointed out to me, from the policy contract, that the percentage of my premiums that was invested during the first few years, only a certain percentage was invested (starting at 20% for the first year). This was not explained to me when I bought the policy.
Why should the insurance company take away so much of my premiums? I wish to get out of this policy, but I will have to lose more nearly two years of my savings. What is your advice? Should I cancel the policy?
If you have not been property informed about the charges, you can make a complaint to this organisation,
The insurance adviser is required to explain to you about the key points of the contract and to recommend a financial product that suits your needs. If he or she has failed in this duty, you should make a complaint.
If more consumers are willing to come forward, this will help other consumers from being misled.
- ► 2013 (306)
- ► 2012 (1270)
- ► 2011 (1873)
- ► 2010 (2369)
- ► 2009 (1655)
03/02 - 03/09
- Poll: Preferred type of term insurance
- Subprime losses could reach USD 400 billion
- High charges
- Credit card debt
- Earnings of Global Insurers
- Growth Policy
- Selamat Datang
- Term insurance with income benefit
- Taxis Stands in Central Business District
- Finance Your Passion Workshop
- Consumers are dissatisfied with financial institut...
- Buying life insurance in Singapore
- Speculative investment
- Computing the yield
- How to invest in this environment?
- Yields on Singapore Government bonds
- How To Maximize our R & D Investments
- Questions on existing life insurance policies
- Low Cost Life Insurance Policy
- Accumulate short term savings in a bank account
- Poll: Saving for a child's education
- Fair remuneation for an adviser
- Charges on your Investment Linked Policy
- Poor cash value for this whole life plan
- Poor products and unethical sales techniques
- A very poor deal
- Poll: Attitude towards savings
- Article: Don't expect another bull market
- Poll on savings and insurance
- Life insurance for a child
- Lower premium on motor insurance
- Life policy taken by a parent
- Guaranteed renewability
- Coping with future increases in medical insurance
- Pay off a housing loan
- Earn a return of 6% to 24% a year
- Benchmark premium rates for Term Insurance
- Save for your future needs
- Value of Life Insurance
- Spread in Flexi-link
- ▼ 03/02 - 03/09 (41)
- ► 2007 (1803)
- ► 2006 (696)
- ► 2005 (159)