I’m a freelancer camera crew, given the current situation with no jobs, should i continue paying my ILP? - Seedly
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Investment Linked Policies (ILP)

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Asked on 02 Jun 2020

I’m a freelancer camera crew, given the current situation with no jobs, should i continue paying my ILP?

I only started January this year.


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Hey there!

Try and see if your ILP has a premium holiday function. Take note that there should be a premium holiday charge but thats minimal compared to your whole plan potentially lapsing.

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If you started january this year, I'm guessing you're paying on a monthly basis. With the premium allocation and insurance charges, it is likely that the investment value is very little for 5 months.

The investment value in your policy might not be able to tide you over the premium holiday period. If you can hold on to the policy without it affecting your/ your family's needs (eg. Household living expenses), I'd encourage you to do it. It would be far worse if something bad were to happen during this difficult period.

Otherwise, survival is far more important!


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If it is a whole life policy plan, there will be a no lapse clause where they deduct the cash value of the policy for assurance charges. The plan will be able to continue depending on how much cash value is in the policy.

Speak to your consultant and understand if any adjustments can be made.


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Pang Zhe Liang
Pang Zhe Liang
Level 10. Unicorn
Answered on 02 Jun 2020

Insurance Policy Details

We will need to know all the details regarding your insurance policy. In detail, we need to find out whether there is any penalty or repurcussions if you stop paying the premium now.

For this purpose, I will suggest for you to speak with your agent, or to check through the details in the policy contract.

Cash Flow

Meanwhile, it will be good to have a complete understanding on your cashflow. Through this process, we will understand your earning ability and spending habit.

Here is a Guide:

Understanding Your Personal Cash Flow

Thereafter, we can evaluate and plan on how to overcome the current situation.

I share quality content on estate planning and financial planning here.


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