Thursday, July 10, 2008

Ideal plan (ID2)

Dear Mr. Tan,
Could you advise me on the two Ideal ILPs I have taken up for my children? I have lost trust in my agent after he started to criticize you and sing praises about the new management.

The primary objective of the two plans is savings for their education. Both are invested in equal proportions of Growth and Singapore Equity funds.

Should I continue with them, terminate them and take up ID7, or terminate them and invest in STI ETF?

Ideal (ID2) taken in 2002
Ideal (ID2) taken in 2007

Thank you sincerely for your advice, Mr Tan.
J

REPLY
You should continue with these two policies. You have already incurred the front end charge, so there is no need to switch now. Anyway, the charge under the ID2 is much lower than similar policies offered by other insurers.
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3 comments:

zhummmeng said...

Don't quit. You have already paid all the charges and debts and your saving should be accumulating from now.
If you find your agent a pissed off, you can ask for another one to be assigned to you. Let me guide you and you have the right to demand one. Ask for an adviser with financial planning qualification, a CFP qualification and not any lesser.It is YOUR RIGHT TO RESPONSIBLE, ETHICAL AND COMPETENT adviser. And you will see the difference and I assure you from then your financial life will take off to a different plane.
ID2 is alright but with ID7 is better. More importantly is the adviser. He can make the difference and not the product.Ok? All the best.

July 10, 2008 5:45 PM
zhummmeng said...

Another advice I like to give. Avoid the participating plans like revosave and vivolife. Don't waste your money on them. You never get enough protection or return unless you have a lot of good money to throw away.
Don't be taken in by the so called whole life argument. My research has revealed it holds no water.I am publishing a report to show this wholelife rubbish is industry's conspiracy to beguile the consumers. The insurers make big money out of you and it is a profitable product.

July 10, 2008 9:36 PM
siewkhim said...

Dear Zhu,

When/where do you intend to publish your report to show whole life is rubbish policy?

I am keen to read it.

July 11, 2008 12:51 PM

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