Joel Lok
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  • Asked by Anonymous

    Joel Lok
    Joel Lok
    Level 1. Freshie
    Answered on 16 Oct 2018
    Before you do anything to your policies, you may wish to review your policies first. There could be other alternatives you can take such as : 1) Premium holiday option on your ILP (however, do note that not all policies allow this) 2) Sell your endowment policies (to reduce loss option, may not be the best option) 3) Take out revisionary bonus / cash back or coupon from your endowment policies and/or existing whole life plans 4) restructure all your polciies and work on your cashflow management 5) get someone to take over your plan to pay future premium (usually relatives, if required i have some contacts who will be able to do so) When you first committed to the $500 per month, i believe you have a certain requirement for protection on the ILP, you may not wan to surrender the policy and leverage on the low cost of insurance at younger age. (I'm not sure of your age so not able to work this out now) If you need further advice or review the options in details, do feel free to contact me at 91292715, i'm an independent financial adviser. In case you are worried about the fees, no fees is chargable.
  • Asked by Anonymous

    Joel Lok
    Joel Lok
    Level 1. Freshie
    Answered on 23 May 2018
    1) work out the IRR for these few years before maturity/ IRR during these few years 2) if irr less than 2.5%, likely can surrender or sell the plan 3) if irr more than 2.5%, consider using cpf to pay your fees instead if possible. 4) consider withdrawing revisionary bonus 5) consider policy loan 6) consider policy overdraft I'll not be able to advise further until I manage to see your policy and work out the numbers rationally. If you wish to do it please kindly pm me.