2 ILP with Great Eastern Life (Great Wealth Advantage)

You can invest on your own, however, the plans you mentioned does offer some benefits that is not available when you invest on your own.

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I am assuming when you say you can invest on your own, you meant buying a basket of ETFs on RSP, and doing the rebalancing regularly. If you meant trading stocks on your own, then it's a totally seperate matter.

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It's true that there's a 2.5% fee for the first 10 years on this policy. However, it should have been mitigated by the bonuses. I always tell people to not focus on the bonus, but the end result.

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Some of the possible advantages of sticking with this plan:

Premium waiver rider: Ensures that you stick to your retirement plan even when you are sick. The insurer will pay the premium on your behalf.

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Retirement + Legacy plan: You can receive dividends on the plan without affecting your guaranteed death benefit. Which means that even if the value falls below your guaranteed death benefit because you have been drawing on dividends, your beneficiaries will still receive the guaranteed death benefit.

Maybe check how much you would be able to take back first?

ILPs can be expensive, and some prefer to invest on their own. Whether you should cancel really depends on your personal situation—things like your insurance needs and whether you’re comfortable managing your own investments. I can’t say for sure what’s best for you, but if you do decide to invest on your own, understanding portfolio rebalancing can be helpful. Here’s an article that might give you some insights. Hope this helps!

Depends on how many years left and how the investments are doing. Sometime, it is better to bite the bullet to stop the bullet.

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#Not proper financial advice.