I recently just graduated from university and have been approached by a friend to purchase an investment linked policy. I m in dire need of some advise. The policy goes like this:
- approximately about $450 premium each month with a coverage of 300k (100k for 30 critical illness and 200k for death)
- I can draw out the cash when it break-evens, estimated at 9 - 10 years. The promise of interest earned will be at 5 to 9%
- The funds chosen for investment are Singapore equities.
- There is a ongoing promotion that for every 1.8k premium i pay this year, I get $300 "free".
Send the benefit illustration to me.
Read my book Practical Guide on Financial Planning and the FAQs in the website.
Be careful about buying something (especially a life insurance policy ) on a promotion, as it will usually color your judgement.