Hi Mr. Tan,
I've just realised to my horror that I've tied myself down to a useless investment product - a regular ILP. This is with X. My monthly premium is $100.
I have been paying premiums for the past two years. The value of the investments is only about $600. If I surrender the policy, this is what I'll get back. Should I continue? Will this investment ever even break-even?
REPLY
You have incurred most of the upfront expenses already. From now on, most of your premium will be invested. What you have spent in high charges in the past should be written off. I suggest that you keep this ILP policy.
Lesson: Avoid regular premium ILP. The charges are too high. 18 months of the premium has been taken away to pay commission and marketing expenses.
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