Monday, January 02, 2017

Cost of a bad decision

Dear Mr. Tan

Recently, I was advised to terminate my 2 prime life and 1 Financial Guardian policy with total surrender value of $100k to buy instead an investment linked fund Manulife GAAF (pays 7.2 cent for price of about 0.86 ct per unit and 1 Manulife Money protect of $30k with accelerator of $90k and 1 Manulife Enrich, also invests in GAAF - dynamic allocation) premium paid by GAAF of $8300.

The agent claimed I paid nothing compared to buying an NTUC Vivo life which get me lesser coverage compared what I gave up at AIA 2 prime for 100k and Financial Guardian coverage at $30k. Is this a smart move? Thanks for your advice.

Are you willing to pay $1,000 for a proper advice? Or do you prefer to lose $10,000 (maybe more) for a bad decision?

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