I was told you can leverage your ILP. Does anyone know how this works?

For investment-linked policy, there is no policy loan feature. As a result, you do not need to borrow money from the policy. This is unlike traditional whole life plan. Here is some information about how a policy loan works in Singapore: https://www.blog.pzl.sg/insurance-policy-loan-s...

Instead, most investment-linked policies have two great flexibilities, 1) Partial withdrawal, and 2) premium holiday.

1) For partial withdrawal, you will have the option to withdraw part of your policy value without having to return the money back. Through this method, it allows you to boost your cash flow temporarily while staying insured.

2) For premium holiday, it works on the concept where you will still continue to enjoy the life insurance coverage despite not paying a single cent for the annual premium. In this case, it helps many people to tide over temporary financial crisis while still staying insured. When done right, you are able to limit the total capital outlay while enjoying lifetime coverage. However, take note that this requires comprehensive financial planning and a detailed calculation.

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