Advertisement
Anonymous
Help! My 69 yo parent bought this Manulife Smartwealth 2 plan for 5 yrs, under the impression it’s for investment purposes. Didn’t know the life insurance element will eat into the profits.
It’s 8 months into payment of $1000/month for 5 yrs. What can we do now? Do we terminate to cut losses or hang on for 5 yrs?! Sound advices very appreciated!
3
Discussion (3)
Learn how to style your text
Reply
Save
Pang Zhe Liang
08 Feb 2021
Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)
What's the minimum investment period that you have chosen for the plan?
As a matter of fact, early termination will lead to losses. Consequently, you may wish to evaluate the plan and determine whether it is financially feasible for your parent to continue the plan, as well as the potential cash value thereafter.
Given that this is an investment-linked policy, I will suggest to look into the funds that your parent is invested into. After all, you won't want to invest in poor funds that don't do justice to your parent's hard-earned money.
If it doesn't fit into your parent's financial objectives, or if there is a better option that may fit into your parent's needs, then it may not make sense to continue with the plan anymore.
Either way, the only way to make a right decision is to understand your parent's needs.
I share quality content on estate planning and financial planning here.
Reply
Save
PolicyWoke
08 Feb 2021
Turbo-charge Your Savings with REPs at PolicyWoke
Hi Anonymous,
If your parent needs another financial advisor to seek advice about his/her Manulife ...
Read 1 other comments with a Seedly account
You will also enjoy exclusive benefits and get access to members only features.
Sign up or login with an email here
Write your thoughts
Related Articles
Related Posts
Related Posts
Advertisement
Hi how much ur parents were charged for the life insurance? I was told that it's only 1% of the 1K.anyway I still considering