Thursday, June 06, 2013

Shocked about ILP

Hi Mr Tan,
I regretted not coming across your website earlier. I started working last year and I got "convinced" by my agent to sign up for an investment-linked policy.
I paid an annual premium of $4,800 and was shocked to see the semi-annual report showing a surrender value of $806.
That was when I started to google for investment policies online and after reading your article, I felt cheated, stupid and really angry as all the money that I diligently saved over the past year went down the drain (or more appropriately, into the agent's pocket).
However, I know that it is my fault as I did not do any research prior to signing up for that policy.
Instead of crying over spilt milk, can you advise me on what to do? I have a very strong urge to terminate the plan now, but is it a wise decision?
http://tankinlian.com/admin/file.aspx?id=833&IID=840

Make a guess. Which insurance company sold this policy to the young man, who felt that he was cheated?

1 comment:

EK said...

Mr Tan, what is the difference between accumulated premium and premium paid. At the end of 30 years, premium paid is $144,000.
Thank you.

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