What are your thoughts on Great Eastern Great Life Advantage 2?

Imagine pouring glasses of water into a bucket continuously with a small opening for the water to flow out. Over time, the opening gets bigger as you age.

Now imagine pouring 10 or 20 glasses of water with the same scenario as above. Naturally, the "returns won't be as great". Limited payment also condenses the premium term, making it slightly more expensive.

Do note however, that the motive of buying an ILP is mainly for protection while the wealth accumulation portion is secondary.

Hi there,

In general if you stretch out your payment over a shorter time, it will be more expensive since the payment is compressed. Regarding the investment portion, your premium payment period doesn't affect the returns. The returns are only affected by the type of funds invested in. Do note that this is a protection-based ILP. The investment portion is highly minimal at the start, ie. only a small portion is invested to generate a non-guaranteed cash value.
You may have to consider the mortality charges that comes at a later age, meaning this plan will not be a Long term solution for you. If you're looking at solely for protection, you may want to consider getting either a whole life plan or a pure term plan that offers protection. The former offers limited premium payment for whole life coverage while the pure term plan is highly affordable.

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