Crossroad to decide regarding ILP

[wts2013]

hahaha, I have already said we have to agree to disagree, to each his own.

I prefer and am happy to "outsource" the "investing and monitoring" to the insurer from whom I bought my whole life policy, as they are better at it compared to me. Then let them work hard and pay me shld I survive, based on the real life example shared of 26k premium over 30 years giving a surrender value of 60k shld it be terminated. In the meantime, I'm still covered by insurance. With that aside, I can focus 100% of my time to increasing my earning power, which shld increase my cpf/bank/assets for comfortable retirement.

It was an interesting debate, now even uncle rich who paid 2.4k/year term insurance to cover 600k shared that he also had multiple whole life policies which he could terminate at age 50-55 to help pay his 2.4k/year term to 99 years. Wow, what a plan, interesting right, http://forums.hardwarezone.com.sg/95429082-post46.html

Anyway, thanks to all for sharing and buying insurance, it helps pay me annual dividends of up to 8.5%, hahaha, I'm a shareholder of one insurance company, hahaha

To all considering, hope this debate help u understand the various perspectives and help u in handling your own insurance plans, good luck, hahaha

 

[Perisher]

hahaha, I have already said we have to agree to disagree, to each his own.

I prefer and am happy to "outsource" the "investing and monitoring" to the insurer from whom I bought my whole life policy, as they are better at it compared to me. Then let them work hard and pay me shld I survive, based on the real life example shared of 26k premium over 30 years giving a surrender value of 60k shld it be terminated. In the meantime, I'm still covered by insurance. With that aside, I can focus 100% of my time to increasing my earning power, which shld increase my cpf/bank/assets for comfortable retirement.

It was an interesting debate, now even uncle rich who paid 2.4k/year term insurance to cover 600k shared that he also had multiple whole life policies which he could terminate at age 50-55 to help pay his 2.4k/year term to 99 years. Wow, what a plan, interesting right, http://forums.hardwarezone.com.sg/95429082-post46.html

Anyway, thanks to all for sharing and buying insurance, it helps pay me annual dividends of up to 8.5%, hahaha, I'm a shareholder of one insurance company, hahaha

To all considering, hope this debate help u understand the various perspectives and help u in handling your own insurance plans, good luck, hahaha

Stop spamming.

Anyway, most fund manager are not better than a monkey throwing darts. But you believe what you want to.
You just take 1 'real life' example of decent returns(still cannot beat BTIR in index+bond which provides effortless, higher returns and higher coverage)
and refuse to acknowledge alot of other real life examples of bad to negative returns and try to spread it like it's the holy truth...

 

[simwb90]

i feel like i stepped upon a landmine...
truth be told, i am fairly disciplined in managing my own finances in that i do keep a tight budget and track every expense so i believe adopting a BTIR would work out for me as well....especially since i am not attempting to beat the market by trading...

the outsourcing part is a fair consideration as well but i am finding it costly to upkeep...especially if the premium will grow as i age...
perhaps i should find a way to politely tell my planner that i wish to terminate the policy....

sunken cost is lost....but it's a bullet that i'll just have to bite....

 

[limster]

There is one more point. People say BTIR is so easy. Actually it is easy but difficult to follow, because beginners believe that they are able to identify "undervalued" stocks.

This is going on right now in another thread. This guy called MAU just opened a share trading account and when he was asked what to do, he was recommended Shiny's model portfolio. Instead of following the model portfolio, he's already asking people to recommend him undervalued ETFs.

Because of this belief in stock-picking, I am not sure whether such people's portfolios will actually outperform the 2-3% CAGR of whole life policies.

 

[Perisher]

There is one more point. People say BTIR is so easy. Actually it is easy but difficult to follow, because beginners believe that they are able to identify "undervalued" stocks.

This is going on right now in another thread. This guy called MAU just opened a share trading account and when he was asked what to do, he was recommended Shiny's model portfolio. Instead of following the model portfolio, he's already asking people to recommend him undervalued ETFs.

Because of this belief in stock-picking, I am not sure whether such people's portfolios will actually outperform the 2-3% CAGR of whole life policies.

That's actually the problem with a lot of people...

1. They want to know how to grow their $$
2. Then want to do it effortlessly
3. ask the 'professional' FA who most of the time start recommending ILP
4. cancel the ILP because they found out about BTIR in index+bond
5. BTIR liao, but so slow the returns and so boring, no need to monitor at all
6. think how to maximise as they start to understand more about investing
7. then decided to do their own investing, make a bit of $$
8. then started trading even, start to lose abit of $$
9. finally lose a huge amount of $$
10. conclude BTIR doesn't work
11. Buy ILP, WL...
12. or worst, never invest anymore

oh well...

 

[doody_]

And that is why they can still sell ILPs, it's for those who wanna "invest" but don't know how to. Better to get 2-3% than 0.05% bank interest or 1% FD.

 

[simwb90]

That's actually the problem with a lot of people...

1. They want to know how to grow their $$
2. Then want to do it effortlessly
3. ask the 'professional' FA who most of the time start recommending ILP
4. cancel the ILP because they found out about BTIR in index+bond
5. BTIR liao, but so slow the returns and so boring, no need to monitor at all
6. think how to maximise as they start to understand more about investing
7. then decided to do their own investing, make a bit of $$
8. then started trading even, start to lose abit of $$
9. finally lose a huge amount of $$
10. conclude BTIR doesn't work
11. Buy ILP, WL...
12. or worst, never invest anymore

oh well...

im kinda glad my job doesn't give me the time to bother with trading...that and i don't own a data plan~ =x...
from what u describe, it appears as that as long as one is not greedy, btir is a good option....but if greed gets a hold, all is gone.
is that right?
hmmms....still thinking of whether to terminate.....im more concerned about the ballooning costs which i was never told in the first place....nor did i research so that is partly my fault....

 

[Perisher]

im kinda glad my job doesn't give me the time to bother with trading...that and i don't own a data plan~ =x...
from what u describe, it appears as that as long as one is not greedy, btir is a good option....but if greed gets a hold, all is gone.
is that right?
hmmms....still thinking of whether to terminate.....im more concerned about the ballooning costs which i was never told in the first place....nor did i research so that is partly my fault....

People can stop at 5 if they are satisfy with the returns
People can stop at 7 if they know what they are doing(spread out the risk even if one thinks one knows, one can never be sure till SHTF)
People can stop at 8 if really very pro(still need to have contingency plans if SHTF) Note that Trading can earn $$ but not many can have the skill to do so.
But usually people reaching 7-8 will really think they are very good at handling $$ liao so likely to hit 9...

 

[simwb90]

understand =)
thanks for the advices guys.
will find a time to let my agent know my decision. just hope can get thru to her...

 

[K|muRa^84]

Was recommended aia asset builder but i see the historical fund performance quite cui leh

 

[simwb90]

sorry to necro a dead thread....
my agent not replying to my whatsapp to terminate my PruLink policy...
its been a week or so (sent on 25 aug)....msges were read but never replied...
can i bypass her n get the policy terminated?
thx

 

[Gerrard]

Go down to their service centre to cancel loh.

Sent from OnePlus A0001 using GAGT

 

[simwb90]

Go down to their service centre to cancel loh.

Sent from OnePlus A0001 using GAGT

good point.
do i nid to bring anythg other than my NRIC?

 

[kehyi4]

sorry to necro a dead thread....
my agent not replying to my whatsapp to terminate my PruLink policy...
its been a week or so (sent on 25 aug)....msges were read but never replied...
can i bypass her n get the policy terminated?
thx

I terminated my PruLink earlier this year.
Did it via email. They emailed the form to me, i filled it in, snail mailed it back to them. they processed it, paid me back. no problems, but need to be patient coz these things take time

 

[hogrider88]

sorry to necro a dead thread....
my agent not replying to my whatsapp to terminate my PruLink policy...
its been a week or so (sent on 25 aug)....msges were read but never replied...
can i bypass her n get the policy terminated?
thx

Mine terminated last mth. Nv even need to contact agent. Their processing is quite fast to be honest.

 

[simwb90]

I terminated my PruLink earlier this year.
Did it via email. They emailed the form to me, i filled it in, snail mailed it back to them. they processed it, paid me back. no problems, but need to be patient coz these things take time

that's good to know. i've dropped a mail to them via their enquiry form. hope to hear from them soon.
im concerned because my agent is usually really fast about these paperwork. i guess im a little used to it bahs. still, good to know i can still get it done this way so i'll just wait for their reply then.

Mine terminated last mth. Nv even need to contact agent. Their processing is quite fast to be honest.

yup i've heard good reviews about their processing speed so i actually dun plan on changing providers. just terminating this plan and switch to term plan instead.