How do I take to a financial consultant whom I have befriended over the years?

Be firm.

Go in with a stand of
1) I need to reduce my insurance premiums by xxx amount per year.
2) I think I would need to cut or terminate these few to balance my budget.
3) what are your thoughts?

If the agent is professional, they will come in with an objective mind knowing that you hit your budget issues.

If the agent tells you to terminate everything else except the ILP / Endowment / Life policies, this person is not one you should trust any further. Its better to make a clean break. That agent is only thinking for himself / herself and their commissions and ratings at the expense of their customers.

If you really don't want to talk to the consultant, why don't you try calling the insurance Co yourself?
Its another alternative. Frankly for most of them, it's a matter of only filling up forms, although they also have to warn you the consequences of terminating the policies.

Hi there,

The best way to know fairly whether you're overspending is to check in with other people/advisors. In general, a good gauge of budgeting for insurance is 10% of your annual income. Your life should be worth more when you're alive, not just if an unfortunate event strikes.

I think for starters, you probably bought the policies because on the onset, it looked like it met your objectives. So you can ask him openly if you really need these policies and explain that you may not have the budget for that. It's unlikely that if he/she is a friend that they will push aggressively for you to keep it. If there is a certain level of aggression or the advisor fails to convince you objectively otherwise, you may have to do a switch.

That said, You may have to do some research and seek a second opinion, whether online or with other advisors.

Financial planning is an integral part of life. You can reach me here to find out more.