Hi all,
I am looking into buying insurance for myself and my dad's agent has offered me an ilp; which i am not feeling to comfortable about. The policy he mentioned is the AIA Family First Protect/Secure (not too sure which is the one) with 100% of the funds invested in AIA Acorns of Asia fund.
The policy provides 100k death coverage as well as CI coverage, with premium of $150 monthly.
I JUST signed the policy yesterday and the agent has told me that:
1. The policy entitles me to a "premium holiday" in the event that I am out of income, and the policy will not be terminated
2. I am allowed to withdraw money from my policy, as long as i keep min $1000 in it
3. The policy is flexible - I am allowed to surrender the policy anytime.
However, I am looking into changing my policy, as I have read that:
1. It might take 15-30 years to breakeven
2. There is no guaranteed value
3. I am looking more towards savings (preferably with some sort of life protection; death cover, CI), and I do not want to be in a situation where I'm losing my savings
Can anybody please advice? A friend of mine recommended that I take up the AIA Guaranteed Protect Plus instead (for protection, as he feels that protection > savings).
Spoke to the agent just now and he doesn't seem too keen on me changing the policy. I will be meeting up with the agent this Saturday to rediscuss the policy so I hope to get as much input as I can prior to the meet up.
A bit more about myself:
I am 21, female, non smoker. My dad is paying my premium for the next 2 years until I graduate from uni and start working.
Will greatly appreciate any input from everyone here!
I am looking into buying insurance for myself and my dad's agent has offered me an ilp; which i am not feeling to comfortable about. The policy he mentioned is the AIA Family First Protect/Secure (not too sure which is the one) with 100% of the funds invested in AIA Acorns of Asia fund.
The policy provides 100k death coverage as well as CI coverage, with premium of $150 monthly.
I JUST signed the policy yesterday and the agent has told me that:
1. The policy entitles me to a "premium holiday" in the event that I am out of income, and the policy will not be terminated
2. I am allowed to withdraw money from my policy, as long as i keep min $1000 in it
3. The policy is flexible - I am allowed to surrender the policy anytime.
However, I am looking into changing my policy, as I have read that:
1. It might take 15-30 years to breakeven
2. There is no guaranteed value
3. I am looking more towards savings (preferably with some sort of life protection; death cover, CI), and I do not want to be in a situation where I'm losing my savings
Can anybody please advice? A friend of mine recommended that I take up the AIA Guaranteed Protect Plus instead (for protection, as he feels that protection > savings).
Spoke to the agent just now and he doesn't seem too keen on me changing the policy. I will be meeting up with the agent this Saturday to rediscuss the policy so I hope to get as much input as I can prior to the meet up.
A bit more about myself:
I am 21, female, non smoker. My dad is paying my premium for the next 2 years until I graduate from uni and start working.
Will greatly appreciate any input from everyone here!