computers70
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There is too many bad press threads on ILP, why not can we have people to share about how ILPs have benefited them or those who have made a profit.
ILP
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kingerfisher
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i just lost 8k to AXA Target Saver (IPL). not recommended to buy
People who benefited from ILP? Erm...do you mean the agents? I don't see anyone else who could have benefited from ILP.
Profit is a given - if everyone loses money on ILP, it would have been clamped down by MAS. But the issue is, are the returns decent enough compared to other instruments?
Profit is a given - if everyone loses money on ILP, it would have been clamped down by MAS. But the issue is, are the returns decent enough compared to other instruments?
kingerfisher
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The cost is very high for IPL , i suggest you get insurance in one 1 policy and to invest in another account....combination is hard to derive for the breakdown.
Hi Kingerfisher,
Just curious to know how you lost 8k from the policy. Did you hold the policy till its maturity?
Ya, for AXA TargetSaver, if cannot hold for full 21 years, cannot get de. Confirm will lose out big time.
kingerfisher
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actually the agent mislead me ...telling me the cost of deduction + the projection value is the rewarding sum....i was silly 2 yrs ago ....
So this is a sharing thread for agents on how they managed to convince their client to sign ILP?
kingerfisher
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So this is a sharing thread for agents on how they managed to convince their client to sign ILP?
wear short skirt lor , show cleavage lor, keep pastering you lor , drive to your workplace and nearby meet up lor...... I cannot tahan all these pastering thats why i gave in and i lost 8k plus today.....hai...
Local ILPs are classified into typically 2 subsets - Front end load , Back end load.
Front end loads
Are structured in a way that the 1st 3years to 5years of your premiums subject to allocation charges. For example, you are sold on a $6000/yearly investment plan. The allocation for 1st year is 20%. Out of $6000, $5000(80%) goes for expense(commissions, overriding,advertising and etc) . Remaining $1000(20%) will further subject to cost of insurance, management fees, policy fees before invested into your selected funds.
A typically ILP has front end loads of up to 80 to 100% of your yearly premiums over 3-5years.
Back End Load
Sold to consumers for long term planning. Cost occurred should you prematurely withdraw cash or terminate the plan. The cost will be in form of Net Asset Value x penalty(10-80%depending on how early you cancel) and the remaining will be your surrender value.
There are few more ILPS in the market but the main 2 that consumers are "making losses" are the above. I have discussed the variability on using ILP as protection planning and that forms the basis of my belief in the course of this career. In investment, there are better ILP products but different structure which can benefit consumers more.
Front end loads
Are structured in a way that the 1st 3years to 5years of your premiums subject to allocation charges. For example, you are sold on a $6000/yearly investment plan. The allocation for 1st year is 20%. Out of $6000, $5000(80%) goes for expense(commissions, overriding,advertising and etc) . Remaining $1000(20%) will further subject to cost of insurance, management fees, policy fees before invested into your selected funds.
A typically ILP has front end loads of up to 80 to 100% of your yearly premiums over 3-5years.
Back End Load
Sold to consumers for long term planning. Cost occurred should you prematurely withdraw cash or terminate the plan. The cost will be in form of Net Asset Value x penalty(10-80%depending on how early you cancel) and the remaining will be your surrender value.
There are few more ILPS in the market but the main 2 that consumers are "making losses" are the above. I have discussed the variability on using ILP as protection planning and that forms the basis of my belief in the course of this career. In investment, there are better ILP products but different structure which can benefit consumers more.
Well you may be surprised that not everyone is financially-savvy - like they say, there is a sucker born everyday. We can fall prey to MLMs, timeshares, landbanking, even city harvest church. ILP are legitimate insurance policies after all, just not beneficial only.
Not boasting here at all - I am one of those suckers. I think the experts here would just barely form the top 10% of our population, and I believe the totally-not-savvy-at-all group (where I belong) is a majority. That's where the agents are targeting.
Not boasting here at all - I am one of those suckers. I think the experts here would just barely form the top 10% of our population, and I believe the totally-not-savvy-at-all group (where I belong) is a majority. That's where the agents are targeting.
better dont say things bad about city harvest. otherwise kena 30k on newspaper to apologise.
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