Anonymous
Advice needed for Manulife Invest Ready II
HI, I'm in my mid 30s and have a Manulife Invest Ready II bought for 10 years (this is just my first year in).
Recently, there is a problem with one of the funds and my manager have advised me to move my funds out to other funds (with a higher price) and this resulted in around 80% loss of my units. I dont have other insurance plan aside from Medishield.
Should I just give up this plan to cut losses or retain and continue paying yearly premium because I dont have other insurances in place?
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The Super Long Ark
10 Oct 2021
Full-Time Trader at Barista FIRE
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I would get a new agent and cut losses now. he/she should have recommended you basic forms of protection instead of an ILP if they have done a proper financial review of your portfolio and knowing you have zero insurance.
i hope you only signed up for the minimum $3600 per annum as you will not get back anything by surrendering now (or anything much throughout the MIP anyway). treat it as though you have paid for overpriced protection for 1 year.