Dear Mr Tan,
I sign on a ILP in 2005. I paid $100 every month through Giro. The agent told me I can only withdraw after six years. So far I had invested $36,000 but the return is $27000.
Today another agent explained to me that this ILP will not make any gain for the next three years. Since I have a living policy which muture at 65, he reconmented a RevoSave Policy, which can earn bonus and insure for permenent disablity and death.
I am 58 year old and want to save for my retirement. I found that I rather pay the similar amount to the RevoSave. He told me I can withraw the ILP anytime, it is true? Shall I terminate the ILP and take the RevoSave?
The Revosave is not suitable to save for retirement, especially for someone at your age. It gives a poor return. You should continue with your existing ILP.
The new agent is trying to "twist" your policy, but getting you to terminate an existing policy and take up a new policy (i.e. Revosave) so that he can earn a high commission on the new policy. You should ask the agent to explain how much commission he can earn from the new policy.
Here is an explanation about twisting:
You should lodge a compliant with the insurance company or Monetary Authority of Singapore about the unethical advice given by the agent.
- ► 2013 (314)
- ► 2012 (1270)
- ► 2011 (1873)
- ► 2010 (2369)
- ► 2009 (1655)
08/31 - 09/07
- The New Paper - Truth of Life Insurance Payout
- Life insurance products can give good value
- Annual General Meeting of NTUC Income
- Bad advice given by the agent
- Agent does not explain clearly
- Twisting of existing life policies
- Land Banking - a scam?
- Continue an existing whole life policy
- Million Dollar Round Table (MDRT)
- Articles in Online Citizen
- Unclaimed money
- Investing in Volatile Markets
- Whole life Limited Payment
- Dealing with credit card debt
- Joke: I am a crook
- Mis-information of consumers
- Twisting of ILP to Revosave
- Premium for the Shield rider is too high
- Structured products that are fair to consumers
- Increase in Shield premium
- Introduce your friends to my blog
- 500,000 visitors by 11-11-2008
- Twisting is bad for the customer
- The truth about life insurance
- Excessive spread and unfair practice
- Joke: Open a tin of peas
- Does NTUC Fairprice give good value?
- ▼ 08/31 - 09/07 (27)
- ► 2007 (1803)
- ► 2006 (696)
- ► 2005 (159)