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Anonymous
Last year, there wasn't Seedly and I don't have anyone around me to help me with my financial planning.
So I bought ILP because I thought it would benefit me in some way.
However, today I read the article on seedly that we shouldn't buy ILP. What should I do now? Please help.
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Brandan Chen
17 Sep 2019
Financial Planner at Manulife Singapore
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Loh Tat Tian
17 Sep 2019
Founder at PolicyWoke (We Buy Insurance Policies)
Agree with Hariz.
Always focus on what is your objective. Then check whether it's worth it to cancel it now, and do your own DIY, or continue with the policy (and do your figures).
You might want to be interested in my next event on Investment Regrets: Why Fees Matter. Look out for it.
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Hariz Arthur Maloy
03 Sep 2019
Independent Financial Advisor at Promiseland Independent
Maybe you might want to go back to your AIA agent and ask why she recommended the policy to you.
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Firstly, it's always about suitability.
ILPs are merely one of the many tools or investment solutions that one can take up!
If one prefers passive investments, No doubt that ILPs may have higher charges or cost. However, the net returns that you eventually achieve (if managed properly) could actually be much higher than that of other options such as Robo-advisors, Index Funds etc.
Most importantly is whether your adviser is able to manage your portfolio and conduct regular reviews to ensure that your portfolio is aligned with your goals/objective!
At the end of the day, what matters more is the advisor's abilities to manage your portfolio! Should you decide the cancel, it is highly probable that you may lose the bulk of initial investment! The second question you should ask yourself is should you decide to cancel, will the alternatives be able to recoup the loss from early cancellation