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Anonymous

21 Feb 2020

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Will it be more cost-effective to pay for ILP Premiums annually or monthly?

Will I be able to save on the transaction costs if I pay my premiums annually instead of monthly? Or will the total costs still be the same? Is there any pros or cons in choosing one payment cycle over the other?

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Mack

18 Feb 2020

Hi anon

Personally I would advice paying your ILP premium on a monthly basis instead of annually as you will benefit from dollar cost averaging in the long run!

Cheers!

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Tan Li Xing

18 Feb 2020

Financial Consultant at Prudential Assurance Company (Singapore)

Hi Anon,

I think in regards to insurance, it's always better to pay premium annually, as usually there is about a 5% discount as compared to paying premiums on a monthly basis. However, you should factor in whether your cash flow allows you to do so.

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Pang Zhe Liang

18 Feb 2020

Lead of Research & Solutions at Havend Pte Ltd

It depends as different investment-linked policy may have different format of charges.

Here is [eve...

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