I wrote this thread upon viewing another thread on ILP:
http://forums.hardwarezone.com.sg/money-mind-210/advice-ilp-5175355.html
I am in my early 20s and I am paying over 2000 per year for my ILP and I am considering cancelling it.
To date, I am around 1 year into my ILP and I don't feel like continuing it. It is causing a toll on my finances. And what's more, the so-called "investments" looks weird to me.
I receive a statement on the investment transactions and I see that it is 1 day buy same day sell. Not a single cent gained. I understand that for ILP, unlikely you will make gains but then such transactions, is it actually valid? Kindly correct me if this is actually the "correct standard procedure".
And I have no idea how come my death benefit actually decreased because I am told that whatever gain or losses in the investment will not affect the guaranteed death benefit.
I am totally puzzled.
I also have this savings plan which I am paying over 1700 per year for the next 25 years. I also feel like cancelling this but then considering the fact that I will be able to get back an amount slightly higher than the total premiums I will pay for 25 years, I am not sure if I should cancel or not. If I cancel now, I can roughly get back 1000 iirc.
If I continue these 2 plans, I will be paying ard 4000 per year.
All in all, I feel kind of "misled" into buying these 2 insurance plans. Worse still, these 2 are introduced by my relative via my mother (her cousin). Knowing my mother's attitude, I get more hesitated to cancel either the ILP or cancel both plans.
Help!
http://forums.hardwarezone.com.sg/money-mind-210/advice-ilp-5175355.html
I am in my early 20s and I am paying over 2000 per year for my ILP and I am considering cancelling it.
To date, I am around 1 year into my ILP and I don't feel like continuing it. It is causing a toll on my finances. And what's more, the so-called "investments" looks weird to me.
I receive a statement on the investment transactions and I see that it is 1 day buy same day sell. Not a single cent gained. I understand that for ILP, unlikely you will make gains but then such transactions, is it actually valid? Kindly correct me if this is actually the "correct standard procedure".
And I have no idea how come my death benefit actually decreased because I am told that whatever gain or losses in the investment will not affect the guaranteed death benefit.
I am totally puzzled.
I also have this savings plan which I am paying over 1700 per year for the next 25 years. I also feel like cancelling this but then considering the fact that I will be able to get back an amount slightly higher than the total premiums I will pay for 25 years, I am not sure if I should cancel or not. If I cancel now, I can roughly get back 1000 iirc.
If I continue these 2 plans, I will be paying ard 4000 per year.
All in all, I feel kind of "misled" into buying these 2 insurance plans. Worse still, these 2 are introduced by my relative via my mother (her cousin). Knowing my mother's attitude, I get more hesitated to cancel either the ILP or cancel both plans.
Help!
Last edited: