IM PISSED!

[ouroboroso]

hey bros, think about it.

is it even normal? Got what kind of investment can drop 90% value sia? And it’s already in year 7 liao leh.

Unless you tell me it’s the norm??

i dont have mass experience in such thing.

For ILPs, it's the norm.

As another member mentioned, ILPs are front-loading. That means you tank the full force of the administrative fees (and whatever marketing/distribution costs they conjure up behind-the-scenes) if you surrender it early.

However, as yet another member mentioned, there were other options besides outright surrendering it. But given it's already water under the bridge, no point mentioning here.

 

[Forever84]

hey bros, think about it.

is it even normal? Got what kind of investment can drop 90% value sia? And it’s already in year 7 liao leh.

Unless you tell me it’s the norm??

i dont have mass experience in such thing.

Like I said.. we need more details… did 100% of your premium go into unit cost? I doubt. What fund is it? Etc

you should consult further with the agent first ma or ask ppl in money mind. Don’t do rash, walao it’s your hard earned money le, u realise the loss without considering what other options u have

 

[HelloEllo]

For ILPs, it's the norm.

As another member mentioned, ILPs are front-loading. That means you tank the full force of the administrative fees (and whatever marketing/distribution costs they conjure up behind-the-scenes) if you surrender it early.

However, as yet another member mentioned, there were other options besides outright surrendering it. But given it's already water under the bridge, no point mentioning here.

Front loading= eating into your investment before a profit realization. Worse is timing, if the policy is bought before a crash of investment. Bloody scams

You are literally making losses just purchasing them through the agent and starting from a negative investment value sia.

 

[HelloEllo]

I cropped out all the doxxing details. And circled all the important points.

this is a ILP.

3 pointer to make;

Starting year 2017
Yearly premium to pay $2400.0
Value now year 2024 $321.00

surrender value $128.00!
=======================
气死我了！
I STILL REMEMBER CLEAR AS DAY, that BLARDY agent can tell me with a very serious, straight face to me, “ i want to help you save for your future, i scared next time you don’t have saving!!

i put in bank earn 0% interest also way better lor!!!

PUI LA!!!

U got proof? U can try claiming from their company for misrepresentation of product

 

[Forever84]

Front loading= eating into your investment before a profit realization. Worse is timing, if the policy is bought before a crash of investment. Bloody scams

You are literally making losses just purchasing them through the agent and starting from a negative investment value sia.

You go in with your eyes open as with all investment there is a risk involved.

I think the issue most of time is that the agent doesn’t know the product or communicate it well enough to their prospects. Maybe deliberately to sell more or maybe they are just not that savvy either

 

[Laguna123]

My ILP paying for the last time this year, been paying around $1.3k a year for the past 11years.
Surrender value also less than $3k now. This kind need to wait till the maturity 25years then can see earning. ILP for retirement one if cannot keep so long then don’t touch ILP. Rather do your own investment.

 

[ouroboroso]

My ILP paying for the last time this year, been paying around $1.3k a year for the past 11years.
Surrender value also less than $3k now. This kind need to wait till the maturity 25years then can see earning. ILP for retirement one if cannot keep so long then don’t touch ILP. Rather do your own investment.

One important question is whether the company would still be solvent in 25 years' time.

Before 2008, many people didn't think those big insurance companies were in danger of DOH'ing.

 

[Laguna123]

One important question is whether the company would still be solvent in 25 years' time.

Before 2008, many people didn't think those big insurance companies were in danger of DOH'ing.

Unless US don’t bill out AIA for the next crisis, then I think should be safe.

 

[Forever84]

My ILP paying for the last time this year, been paying around $1.3k a year for the past 11years.
Surrender value also less than $3k now. This kind need to wait till the maturity 25years then can see earning. ILP for retirement one if cannot keep so long then don’t touch ILP. Rather do your own investment.

Usually it’s people who can’t afford it that complain the most and whether they should be sold such product is debatable

 

[HelloEllo]

My ILP paying for the last time this year, been paying around $1.3k a year for the past 11years.
Surrender value also less than $3k now. This kind need to wait till the maturity 25years then can see earning. ILP for retirement one if cannot keep so long then don’t touch ILP. Rather do your own investment.

Don't even touch. Feels like playing contra or leverage. You are forced to pay up yearly otherwise your investment is liquidated at nearly worthless. Similarly leverage works the same way where u are forced to pay up otherwise investment is worthless.

Gov should ban ILP man. At least proper investment can choose to freeze payment

 

[Forever84]

One important question is whether the company would still be solvent in 25 years' time.

Before 2008, many people didn't think those big insurance companies were in danger of DOH'ing.

No the question u just need to ask is whether it is covered by SDIC

 

[ouroboroso]

Unless US don’t bill out AIA for the next crisis, then I think should be safe.

Frankly I think 2008 was just a dress-rehearsal. They have not solved the root issues. If anything, CDOs have gotten bigger than ever since then.

What they have been doing though, is to repark/restructure their products and subsidiary companies so that not all will DOH at once.

I've noticed quite a bit of restructuring exercises going on for insurance companies and their subs, especially since the pandemic started.

 

[iammole]

I also kenna from ILP before. after army one mate became agent and I bought from him. took several years to get back the exact same amount I put in.

coz they'll never tell u that ILP has a management fee component that don't care your investment went up/down, management fee still deducted.

 

[focus1974]

I cropped out all the doxxing details. And circled all the important points.

this is a ILP.

3 pointer to make;

Starting year 2017
Yearly premium to pay $2400.0
Value now year 2024 $321.00

surrender value $128.00!
=======================
气死我了！
I STILL REMEMBER CLEAR AS DAY, that BLARDY agent can tell me with a very serious, straight face to me, “ i want to help you save for your future, i scared next time you don’t have saving!!

i put in bank earn 0% interest also way better lor!!!

PUI LA!!!

already come here tell you all buy TERM insurance to cover $500k to $1mil for your family. This one is for when u GG. U dont really need this money. it's for family. For HDB owners, lucky can just use the DPS to cover all ur loan if u GG. For pte owner, need to buy mortgage insurance to cover that. (or u think no need, then just use term insurance to cover)

Balance saved from not buying ILP can do
1) .. invest the rest urself (can buy US index ETF or people ask u buy the irish-domiciled VRWDA etf.. i think)
2) pay premium for H&S insurance.

critical illness lumpsum payout? donno need or not if using just subsidized wards. die die loh.

 

[Forever84]

Don't even touch. Feels like playing contra or leverage. You are forced to pay up yearly otherwise your investment is liquidated at nearly worthless. Similarly leverage works the same way where u are forced to pay up otherwise investment is worthless.

Gov should ban ILP man. At least proper investment can choose to freeze payment

Every product is structured with their own pros and cons one… you just need to know what you’re buying that’s all… if u just follow what ppl say then honestly who can u blame?

 

[ouroboroso]

No the question u just need to ask is whether it is covered by SDIC

Bro the caps provided by SDIC PPF are pretty low...

In case anyone is interested in the Policyowners' Protection Framework scheme:

https://www.sdic.org.sg/pp_faq/#1668931997980-21db9adc-323c

 

[Nevereatrice]

I cropped out all the doxxing details. And circled all the important points.

this is a ILP.

3 pointer to make;

Starting year 2017
Yearly premium to pay $2400.0
Value now year 2024 $321.00

surrender value $128.00!
=======================
气死我了！
I STILL REMEMBER CLEAR AS DAY, that BLARDY agent can tell me with a very serious, straight face to me, “ i want to help you save for your future, i scared next time you don’t have saving!!

i put in bank earn 0% interest also way better lor!!!

PUI LA!!!

2400x 7 yrs =16.8k now take back few hundreds only? Aiyo u lost not only money also opportunities during these 7 years

 

[mooseolly]

TS you wack into apple stock will be better.

 

[rottingapple]

I also cheated by chio bu agent when I was young. Damnit . I would have said no if male agent approached me

They are taught to approach opposite genders

 

[Forever84]

Bro the caps provided by SDIC PPF are pretty low...

In case anyone is interested in the Policyowners' Protection Framework scheme:

https://www.sdic.org.sg/pp_faq/#1668931997980-21db9adc-323c

Can’t be infinite right also must have limit ma but at least u have recourse le. U buy Lehman brothers government ask u Jiak Sai