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Old 09-08-2018, 05:03 PM   #1
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Join Date: Aug 2018
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Friends Provident International

Didn't find dedicated thread so will start here. Hope to have comments from all bros and sis who have experience with them.

I regret signing up without understanding and now I want to reconsider my options. They don't seem to be doing well and my worry up more when Aviva dropped them. I am trying to educate myself slowly and will be less impulsive from now on.

Original agent from Finexis is unresponsive.

Friends Provident International
Global Wealth Advance
Started 2014
$750 per month
total premiums paid so far: >$36,000
plan value as at 2018: $40,000
surrender value: $26,000
death benefit as at 2018: $41,000

Would be grateful for any comments. Thanks.
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Old 09-08-2018, 06:09 PM   #2
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Didn't find dedicated thread so will start here. Hope to have comments from all bros and sis who have experience with them.

I regret signing up without understanding and now I want to reconsider my options. They don't seem to be doing well and my worry up more when Aviva dropped them. I am trying to educate myself slowly and will be less impulsive from now on.

Original agent from Finexis is unresponsive.

Friends Provident International
Global Wealth Advance
Started 2014
$750 per month
total premiums paid so far: >$36,000
plan value as at 2018: $40,000
surrender value: $26,000
death benefit as at 2018: $41,000

Would be grateful for any comments. Thanks.
Also signed up. U can withdraw everything after 5 years?
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Old 09-08-2018, 08:37 PM   #3
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Also signed up. U can withdraw everything after 5 years?
I think depends on option signed at the start. I'll have to find out what is mine but suspect it's between 10 to 25 years.
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Old 09-08-2018, 08:53 PM   #4
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What is it you hope to do? Asking us whether the plan is good or bad? Or asking us if there is anything you can do to get back all your money?
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Old 09-08-2018, 09:38 PM   #5
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I hope to get more info, to decide whether to quit or wait.

I'm very uneducated about this, but I suspect it's bad in the sense that it's very expensive coz i see the statement so many charges and fees. I'm asking if anyone have also signed up and feel it's actually OK compared to similar products, and worth keeping.

I think there's no way I can get back all my money now, unless I wait at least 10 years, but would be happy if I'm wrong! I've been trying to find out when is my breakeven point, but agent never respond.
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Old 09-08-2018, 10:57 PM   #6
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Not sure what this product is about. Seems like an ILP to me.
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Old 10-08-2018, 02:29 AM   #7
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This looks terrible. Currently you can already RSP into unit trusts through Dollardex or Poems without sales/redemption/platform fees, the negligible 'death benefits' or any minimum holding period. This plan tags on lots of fees and is structured to lock you in for that period of time.

It seems that you can't quit the plan without losing quite a bit of money. Perhaps there is an option to stop paying the premium, and take the money out only at the end of the period? It may still be better to cut your losses and surrender now, but it's hard to say unless you can get an illustration of the value now and the value in future.
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Old 10-08-2018, 06:28 AM   #8
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Any end period to paying 750 pm and guaranteed amount at end period? If not, you may lose even more.
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Old 10-08-2018, 08:37 AM   #9
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he has only been holding for 4 years, so its not clear whether it is bad.
most policies nowadays only breakeven after the 10 year mark. Even the famous NTUC Living Policy only broke even after 7yrs+. So the question is whether or not this policy can breakeven by year 10.
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Old 10-08-2018, 09:07 AM   #10
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he has only been holding for 4 years, so its not clear whether it is bad.
most policies nowadays only breakeven after the 10 year mark. Even the famous NTUC Living Policy only broke even after 7yrs+. So the question is whether or not this policy can breakeven by year 10.
If there is no end or if he does not know what's the outcome at end, how?
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Old 10-08-2018, 09:12 AM   #11
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Global Wealth Advance is a unit-linked regular premium savings plan.
So instead of calling investment linked, it's called unit linked.

Cut loss early and move on.

$750 per month is a lot.

Get yourself some term insurance coverage if you don't have any, prior to surrendering.
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Old 10-08-2018, 08:34 PM   #12
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Any end period to paying 750 pm and guaranteed amount at end period? If not, you may lose even more.
If i understand correctly, no end to paying and no guaranteed amt. Death benefit useless to me coz die liao also no need to leave for anyone.

Going to go down their office and find out option date and breakeven point, and explore option to stop paying. See how.

Thanks everyone.
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Old 11-08-2018, 09:35 AM   #13
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If i understand correctly, no end to paying and no guaranteed amt. Death benefit useless to me coz die liao also no need to leave for anyone.

Going to go down their office and find out option date and breakeven point, and explore option to stop paying. See how.

Thanks everyone.
Better you bring along someone with knowledge of financial matters.
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Old 13-08-2018, 09:46 AM   #14
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Better you bring along someone with knowledge of financial matters.
Can I have the address of the office?
Want to go down enquire
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