Need help on current ILP..

[death7878]

Hi all,

I signed up for PruLink Protection Account and I don't really know if I made a mistake by signing this up.. Its already been 2 years and monthly premium is roughly $310..

Right now, from what I see in the statement of account, the funds which prudential has invested in is China India Fund and Singapore Managed Fund.

Total surrender value so far is about $1900. The only catch I signed up this was because Standard Chartered Bank offered this policy which would allow you to withdraw $1900 per year..

Would need some help here if I should continue this policy or I should just surrender now to get back my $1900?

 

[Financial Guru]

Hi all,

I signed up for PruLink Protection Account and I don't really know if I made a mistake by signing this up.. Its already been 2 years and monthly premium is roughly $310..

Right now, from what I see in the statement of account, the funds which prudential has invested in is China India Fund and Singapore Managed Fund.

Total surrender value so far is about $1900. The only catch I signed up this was because Standard Chartered Bank offered this policy which would allow you to withdraw $1900 per year..

Would need some help here if I should continue this policy or I should just surrender now to get back my $1900?

What was the purpose in signing up for this ILP? Investment or protection?

 

[Micky Neo]

That's right, why did you sign up for this and why are you considering quiting now?

You always have the options to switch funds
(think your adviser selected for you the 2 funds)

Didnt quite get that part on SC offer you withdrawal of 1900 per yr.

This is a ILP, you can always sell away units for cash.
Think Prudential will give you 105% from 10th yr on.
You can always amend your Sum Assured.
You can also check if you can lower premium.

Paid 24 mths x 310 = 7440
get back 1900

Good for the agent though,
Clock production,
2 yrs have pass
First yr com 50% 310 x 12 = 1860
Second yr 25% 310 x 12 = 930

Hi all,

I signed up for PruLink Protection Account and I don't really know if I made a mistake by signing this up.. Its already been 2 years and monthly premium is roughly $310..

Right now, from what I see in the statement of account, the funds which prudential has invested in is China India Fund and Singapore Managed Fund.

Total surrender value so far is about $1900. The only catch I signed up this was because Standard Chartered Bank offered this policy which would allow you to withdraw $1900 per year..

Would need some help here if I should continue this policy or I should just surrender now to get back my $1900?

 

[death7878]

What was the purpose in signing up for this ILP? Investment or protection?

It was mainly for investment. But right now, I realise that maybe ILPs are not for me as I have 2 other insurance coverage. What I'm looking at now is actually investments and stuff..

That's right, why did you sign up for this and why are you considering quiting now?

You always have the options to switch funds
(think your adviser selected for you the 2 funds)

Didnt quite get that part on SC offer you withdrawal of 1900 per yr.

This is a ILP, you can always sell away units for cash.
Think Prudential will give you 105% from 10th yr on.
You can always amend your Sum Assured.
You can also check if you can lower premium.

Paid 24 mths x 310 = 7440
get back 1900

Good for the agent though,
Clock production,
2 yrs have pass
First yr com 50% 310 x 12 = 1860
Second yr 25% 310 x 12 = 930

Reason why Im considering quitting now is because of the returns. Or should I lower the premium and keep it going. As I've read several other posts as well, I just realised that 1st year, only 50% of my premium is invested..

Erm, for this plan, I can withdraw out a minimum of 1k every year provided theres a balance of 1k in my account.

Need some advice as Im quite lost on what to do..

 

[friendlyguy]

It was mainly for investment. But right now, I realise that maybe ILPs are not for me as I have 2 other insurance coverage. What I'm looking at now is actually investments and stuff..


Reason why Im considering quitting now is because of the returns. Or should I lower the premium and keep it going. As I've read several other posts as well, I just realised that 1st year, only 50% of my premium is invested..

Erm, for this plan, I can withdraw out a minimum of 1k every year provided theres a balance of 1k in my account.

Need some advice as Im quite lost on what to do..

you are better, I lost $1.2k in a year. I realized why only 12% premium invested. that is HSBC though. then I surrender, value : 0.

 

[jack81]

Oh which HSBC plan was it?

 

[Cashcow]

Unethical agents confirm won't mention the premium allocation. In the market, not many ilp got 100% premium allocation. AIA got such products. Not sure about other company.

 

[kenneth27]

It was mainly for investment. But right now, I realise that maybe ILPs are not for me as I have 2 other insurance coverage. What I'm looking at now is actually investments and stuff..


Reason why Im considering quitting now is because of the returns. Or should I lower the premium and keep it going. As I've read several other posts as well, I just realised that 1st year, only 50% of my premium is invested..

Erm, for this plan, I can withdraw out a minimum of 1k every year provided theres a balance of 1k in my account.

Need some advice as Im quite lost on what to do..

Wow...seem like a number of agents here have some -ve comments to made on ILP.

1. You are still undecisive on handling your loss.
2. You are still undecisive towards any positive returns in the future.
3. You are still undecisive if you can work out a better return using this surender value + future premium.


Emotional...?

 

[friendlyguy]

Oh which HSBC plan was it?

its ILP of course. I told him, I only invested in 5 yrs, he said ok and wrote on the agreement that I invest for retirement, sigh. Actually, till S$900 I want to cut the investment and I said to him that I wanted to broke the contract. Then they still deduct my money from my DBS account sian..

 

[death7878]

Wow...seem like a number of agents here have some -ve comments to made on ILP.

1. You are still undecisive on handling your loss.
2. You are still undecisive towards any positive returns in the future.
3. You are still undecisive if you can work out a better return using this surender value + future premium.


Emotional...?

I wouldn't mind losing if this policy doesn't have much return for me in the forthcoming years. That is why I am asking for opinions here.

 

[kenneth27]

I wouldn't mind losing if this policy doesn't have much return for me in the forthcoming years. That is why I am asking for opinions here.

Hope this help. I am sincere in helping you.

The answer lies in Q2 and Q3.

A2 Eg : I have no idea what I am invested in. All i know is the fund sound good.

A2 Eg : I know my investment deep enough. It will rip profit in future. I will hang on.


A3 Eg : Yes. I can make more profit by myself using this money. So cancel it.

A3 Eg : No, I can't. So go back to Q2.

---------------------------------------------
Loss is due to Not Knowing What You Are Invested in.

 

[death7878]

Hope this help. I am sincere in helping you.

The answer lies in Q2 and Q3.

A2 Eg : I have no idea what I am invested in. All i know is the fund sound good.

A2 Eg : I know my investment deep enough. It will rip profit in future. I will hang on.


A3 Eg : Yes. I can make more profit by myself using this money. So cancel it.

A3 Eg : No, I can't. So go back to Q2.

---------------------------------------------
Loss is due to Not Knowing What You Are Invested in.

Thanks kenneth That helped me understand alot better.

For Q2, I would say I'm really not sure what I have invested in and I know that for PPA, I might be still able to get more returns after the 4th-5th year.

As for Q3, Yes, I know if I back out now, I would be able to make more. However, I am quite reluctant as the sum of money I lost here, about 7.5k (which is quite substantial as I'm still a student right now), is quite an issue.

Thanks

 

[death7878]

Unethical agents confirm won't mention the premium allocation. In the market, not many ilp got 100% premium allocation. AIA got such products. Not sure about other company.

Yep. Sadly for me, I wasn't well-informed, only to find out 2 years later from this forum itself.

 

[kenneth27]

To be honest, I am very skeptical about china investment. Twice bitten thrice shy. I loss more than 20K on S-Chips.

 

[friendlyguy]

To be honest, I am very skeptical about china investment. Twice bitten thrice shy. I loss more than 20K on S-Chips.

If I were you, I am crying lots man. 20k is lots for me. 1 yr salary man!
S-chips are good if got fundamental right? so any food for thought you want to share?

 

[zeroX14]

I would be wary on S-chips too but there are still a handful of good ones e.g. Midas which is at a really discounted price now.

 

[death7878]

Anymore experts would like to express their opinions?? Still quite lost

 

[Kheetat]

Anymore experts would like to express their opinions?? Still quite lost

Please allowed me to ask for your age this year and whats is the benefit of the plan, e.g. what does it covers?

 

[death7878]

Please allowed me to ask for your age this year and whats is the benefit of the plan, e.g. what does it covers?

I'm 24 this year..
Plan covers:
Death: $250k
Terminal illness: $250k
Total and permanent disability: $250k
Crisis Cover Provider III: $50k
Crisis Waiver III: $300

 

[Kheetat]

I'm 24 this year..
Plan covers:
Death: $250k
Terminal illness: $250k
Total and permanent disability: $250k
Crisis Cover Provider III: $50k
Crisis Waiver III: $300

Since you are still young, the insurance coverage will not be eating much to your cash value. This plan can be a very useful tool for your fixed savings. Say make it a 30 years savings plan for example, you are free to withdraw the cash value to meet any of your purpose then.

Not only it makes you saved with discipline, it also protects your saving ability by paying a lump sum of $50,000 and waives of your premium for the plan upon a diagnosis of critical illness. At the end of it, you are still able to withdraw it at the end of the day.

In that case, you can make arrangements to get other life insurance.