Should I cancel ILP?

[yamato]

What is the lock in period ? Mine was 10 years lock in previously and surrender after end of 10th year. I got back at a very small loss of $100++. I bought around the period of sub prime crisis somemore.

 

[tangent314]

It really depends on how the plans are structured.

I would say most of them are structured to frontload all the commissions and distribution fees, so the first 3 years or so, very little, if any, of the premium goes into the investments. From the 3rd year onwards this may rise up to 100% (before the 3-5% sales charge or bid-offer spread), and from the 10th year, it may rise up to 105% (generally only for plans where you can only choose their in-house funds).

The sunk cost fallacy applies, but really you can't lose any more by surrendering your plan at any time and switching to BTIR.

 

[iceblendedchoc]

buy term and invest the rest in an global etf. You will do better in terms of returns and also get your protection.

 

[SBC]

TS is still holding this ILP?

 

[BlackTortoise]

I hold PruLink Assurance Account policy for 10 over years. Recently, AXA agent told me to cancel it and switch to Term Insurance + Investment Plan (for 30 years). He told me to cancel my saving plan as well.

Should I cancel my ILP which surrender value only $10K? Cancel my Saving plan too?

 

[boredboiboi]

I hold PruLink Assurance Account policy for 10 over years. Recently, AXA agent told me to cancel it and switch to Term Insurance + Investment Plan (for 30 years). He told me to cancel my saving plan as well.

Should I cancel my ILP which surrender value only $10K? Cancel my Saving plan too?

Cancel yes, i have a similar ilp bought in 2009, terminate in 2017 and lost half the money and no regrets but to buy axa term or not need to compare and investment i would say a no as u can read from the post on axa pulsar

 

[BlackTortoise]

Cancel yes, i have a similar ilp bought in 2009, terminate in 2017 and lost half the money and no regrets but to buy axa term or not need to compare and investment i would say a no as u can read from the post on axa pulsar

Then what policy you bought?

 

[boredboiboi]

Forget the actual

Then what policy you bought?

forget the acutal name as its cancel many years back. I believe its the same plan. From prudential and ilp do not have so many type last time. Would say 90% its the same plan.
First 3 years paid 300% total, charges alone took away 150% and some other charges.

 

[BlackTortoise]

Forget the actual

forget the acutal name as its cancel many years back. I believe its the same plan. From prudential and ilp do not have so many type last time. Would say 90% its the same plan.
First 3 years paid 300% total, charges alone took away 150% and some other charges.

After you cancelled ILP, what policy you buy then?

 

[exterminazn]

I hold PruLink Assurance Account policy for 10 over years. Recently, AXA agent told me to cancel it and switch to Term Insurance + Investment Plan (for 30 years). He told me to cancel my saving plan as well.

Should I cancel my ILP which surrender value only $10K? Cancel my Saving plan too?

Must see if you have pre existing condition….. if have then hold on to this if u feel protection is Important….. u can also concurrently apply for term to see the underwriting result

for wealth accumulation, depends on what your requirement bah….

 

[Value.Matrix]

I hold PruLink Assurance Account policy for 10 over years. Recently, AXA agent told me to cancel it and switch to Term Insurance + Investment Plan (for 30 years). He told me to cancel my saving plan as well.

Should I cancel my ILP which surrender value only $10K? Cancel my Saving plan too?

Cancel saving plan. See the opportunity cost. I will quote to buy if its held for more than 1/2 the term. Someone who told you to cancel the saving plan, better be good in numbers.

Else, they ought to be shot, if IRR is higher than 6%

 

[Shion]

I hold PruLink Assurance Account policy for 10 over years. Recently, AXA agent told me to cancel it and switch to Term Insurance + Investment Plan (for 30 years). He told me to cancel my saving plan as well.

Should I cancel my ILP which surrender value only $10K? Cancel my Saving plan too?

Your AXA agent just want to earn your commissions. Don't be fooled.

ILPs are not worth your money, hence it is not justified to cancel one crap and buy another crap.

Not sure which saving plans you have but I would believe you will make a loss here since saving plans typically are meant to be held to maturity to earn that little bit of $.

Should consider the premiums you have paid and surrender value till date, and also your requirements first.

 

[boredboiboi]

After you cancelled ILP, what policy you buy then?

I bought a wholelife from aviva and an 100% invested in a manulife plan ilp

 

[BlackTortoise]

I bought a wholelife from aviva and an 100% invested in a manulife plan ilp

You cancelled Pru ILP then buy Manulife ILP? What is the logic?

 

[boredboiboi]

You cancelled Pru ILP then buy Manulife ILP? What is the logic?

Because the old ilp is very different from the new ilp. Both works differently. The charges is very high for old ilp and the cost of insurance charges will eat into the returns. I split out the 2 plan so that return is return, coverage is coverage