HWZ Forums

Login Register FAQ Mark Forums Read

Prulink protection account (SCAMMED?)

Like Tree2Likes
Share This Page
HardwareZone.com on Facebook
Reply
 
LinkBack Thread Tools
Old 05-08-2013, 12:05 AM   #46
Honorary Member
 
matchy's Avatar
 
Join Date: Feb 2007
Posts: 115,242
i think if u manage ur prulink well, still can make money...
matchy is offline   Reply With Quote
Old 05-08-2013, 12:19 PM   #47
Member
 
Join Date: Feb 2012
Posts: 129

Also, ever wonder who the hell came up with the projection rate of 5.75% and 9% on the benefit illustration for ILPs? Looks good but very deceiving isnt it?
That's from MAS. But based on today market, and going forward, projections for ILPs determined by MAS has a lower limit of 4% and upper limit of 8%, from the 5% and 9% last time.
PRUbombz is offline   Reply With Quote
Old 07-08-2013, 02:00 PM   #48
Member
 
Join Date: Oct 2008
Posts: 157
sorry to hijack your thread,

i have a prulink.. which is bought in 2006.. had around 2 years of premium holiday.. now the value is like half of what i have put in... is it advisable to sell or continue keeping in the hope that will earn back?

Thanks!
kop2311987 is offline   Reply With Quote
Old 07-08-2013, 02:35 PM   #49
Member
 
Join Date: Mar 2007
Posts: 433
sorry to hijack your thread,

i have a prulink.. which is bought in 2006.. had around 2 years of premium holiday.. now the value is like half of what i have put in... is it advisable to sell or continue keeping in the hope that will earn back?

Thanks!

The so-call Premium holiday eats into the cash value of the policy. Nobody can be sure whether you will earn back or not, nobody would wants to take that responsibility.

"Insurance is a long-term commitment"
WuMing1234 is offline   Reply With Quote
Old 07-08-2013, 03:38 PM   #50
Member
 
Join Date: Feb 2012
Posts: 129
sorry to hijack your thread,

i have a prulink.. which is bought in 2006.. had around 2 years of premium holiday.. now the value is like half of what i have put in... is it advisable to sell or continue keeping in the hope that will earn back?

Thanks!
Don't lose sight of why you bought the policy in the first place. Buying this product main purpose should be insuring yourself from death/tpd/ci. You shouldn't be looking at just your returns at this point in time.

If you ask me, taking into account the lower allocation rate for the first few years, and going on 2 yrs of premium holiday, if you still see half of what you put in is pretty good.
PRUbombz is offline   Reply With Quote
Old 12-08-2013, 12:08 PM   #51
Member
 
Join Date: Oct 2008
Posts: 157
hmm, bought for protection and investment?

but it seems like since Prulink's protection is yearly renewable which means will increase every year, it should make sense to buy a term rather than prulink?

Don't lose sight of why you bought the policy in the first place. Buying this product main purpose should be insuring yourself from death/tpd/ci. You shouldn't be looking at just your returns at this point in time.

If you ask me, taking into account the lower allocation rate for the first few years, and going on 2 yrs of premium holiday, if you still see half of what you put in is pretty good.
kop2311987 is offline   Reply With Quote
Old 13-08-2013, 10:30 AM   #52
Member
 
Join Date: Feb 2012
Posts: 129
hmm, bought for protection and investment?

but it seems like since Prulink's protection is yearly renewable which means will increase every year, it should make sense to buy a term rather than prulink?
Buying this product has to be with priority #1 - protection. As for investment returns, you should be looking at a long term with minimum 15-20 years period IMO. I have seen people break even at year 7. But it really depends on market and what funds invested in. Breaking even in this product to me is very good already, cos it would mean that your funds made money, and managed to cover the cost of insuring you with death $xxxxxx, tpd $xxxxxx, critical illness $yyyyyy.

Note that this product is technically not considered as yearly renewable. Premium is fixed. Just that the underlying assurance cost increases over the years. Yearly renewable means every yr the product will expire within the next yr, until the company extends the coverage for another yr. But in this case, its a whole life product. It doesn't expire until you surrender or make the death/tpd claim.
PRUbombz is offline   Reply With Quote
Old 13-08-2013, 10:50 AM   #53
Member
 
Join Date: Oct 2008
Posts: 157
I see, whats your take on China India Fund? Seems like its nt good now?
kop2311987 is offline   Reply With Quote
Old 13-08-2013, 11:22 AM   #54
Member
 
Join Date: Feb 2012
Posts: 129
I see, whats your take on China India Fund? Seems like its nt good now?
First of all, I'm not an investment expert. But I do follow alot on Mercer's recommendation. Mercer is one of the world's top financial advisory firm. Prudential has tied up with them to provide analysis on the different funds. And to my understanding from their reports, despite the slow down in China, India the past yr or so, the markets in general are still attractively price relative to historical averages. We can probably expect a slow but steady recovery. For people looking at the long run, this is still a good fund to bet on. IMO.
PRUbombz is offline   Reply With Quote
Old 15-08-2013, 10:29 PM   #55
Member
 
Join Date: May 2006
Posts: 240
already submitted my surrender form. Now waiting for cheque to send to me but its almost 5 days already still not yet received.
acidrain86 is offline   Reply With Quote
Old 16-08-2013, 12:23 AM   #56
Member
 
Join Date: Jun 2009
Posts: 287
already submitted my surrender form. Now waiting for cheque to send to me but its almost 5 days already still not yet received.
Submit to who? If submit to the agent you wait long long
lusunshine is offline   Reply With Quote
Old 16-08-2013, 12:26 AM   #57
High Supremacy Member
 
kebinu's Avatar
 
Join Date: Nov 2001
Posts: 31,418
already submitted my surrender form. Now waiting for cheque to send to me but its almost 5 days already still not yet received.
Take 1 working day to reach there. A few working days to proceed, another working day to get to you.

It's a LWE last week, lots of delays is common.
__________________
kevinchia.sg
kebinu is online now   Reply With Quote
Old 16-08-2013, 11:03 AM   #58
Senior Member
 
Join Date: Sep 2009
Posts: 1,112
Comparison between "25yrs savings plan" and PAA

1) Commission is the same in terms of percentage. IE, if Premium is the same, commission is the same for both plans (not 100% sure but 95% sure). Not true if it's a <25yrs savings plan.
2) One is Endowment and one is whole life plan.
3) At the end of 25yrs, savings plan mature and there will be no more COVERAGE.
4) Even for the 25yrs saving lan, if you were to surrender today, with the same premium paid, you may get even lesser surrender value.
5) Endowment plan - Insurance co invests your money and give you a projected returns.
6) PAA, they let you decide on which unit trust you want to invest in, based on your risk appetite. The "value" of your policy will be determined by the prices of your unit trust. Note: Instead of $0 value during the 1st 2 yrs like a whole life or endowment plan (to pay for Agent's comm, their profit, their administrative cost, rental etc), PAA you get some, albeit small value.
7) If you were to pass away, have TPD or major illness last year (say), the payout will be higher from PAA as compared with a "25yrs savings plan", for the same premium paid.
8) Endowment plan, you cannot "partial" surrender for some cash whereas PAA allows you to sell the units you have, get the $$, and yet INSURANCE COVERAGE continues.
9) There are 3 "groups" of insurance that I have. 1) Life insurance 2) Hospitalisation and Surgical (H&S) 3) Personal Accident (I dont buy from life insurance company, I buy them separate from General insurance company cause cheaper and better). All 3 serve different purposes. You mentioned Shield type, and it's only one type.
10) I bought PAA for my daughter, as it allows me to have the insurance coverage for her. At the same time, when the day comes when she needs $$ for her education, I have the option to sell some units from her policy for cash. I want her to continue to have the insurance coverage. These cannot be achieved if I were to buy an endowment plan or term plan. So for me, PAA suits me as I know what I want. In your case, I am not sure what was your objective back then......

my 2 cents.....

Last edited by GenuineSeller; 16-08-2013 at 11:06 AM..
GenuineSeller is offline   Reply With Quote
Old 17-08-2013, 06:54 PM   #59
Senior Member
 
Join Date: Apr 2012
Posts: 920
Submit to who? If submit to the agent you wait long long
that's such a negative sweeping statement. what benefits do the agent has if he hold off the submission? do not forget there's most probably a date indicated beside the signature. Do not think compliance department is setup for show and no agents wanna drink coffee with them. no agents wants to risk getting a complaint for such simple task. He/she could just give excuse not to meet up to take the form instead.
lifeishard is offline   Reply With Quote
Old 17-08-2013, 06:57 PM   #60
Senior Member
 
Join Date: Apr 2012
Posts: 920
already submitted my surrender form. Now waiting for cheque to send to me but its almost 5 days already still not yet received.
submitted form on mon and cheque would reached you on next mon? really? who gave you that expectation? CSO whom you submitted the form to?
lifeishard is offline   Reply With Quote
Reply
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Terms of Service for more information.


Thread Tools

Posting Rules

Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

Samsung
Rewards