May 13 2009, 04:58 PM
August, i think u bought a life insurance to protect your loan instead if MRTA. It is true as life insurance have cash value and it is accumulated and also has compounding interest. Just that the premium will uch more higher than MRTA which is only a lump-sum amount.
For me, i don't think that ILP s a good product. I agree with TS that insurance is insurance & investment is investment. The former is for protection while the latter is for wealth accumulation. Moreover, from what i learnt, not the whole amount of ILP premium is invested. THe insurance company will deduct the admin fees and few charges and the leftover only will be invested and there was an agent from "G3" told me that usually the amount invested is just a small portion. And worse is that the amount invested will decrease fom time to time as the fees charged will increase when one is getting older. This was what that he told me and i don't know how true it is.
Actually I dislike those insurance agents nowadays claimed that they are actually "financial planner". That's bullshit. I can accept if they claim themselves as insurance planner where they plan different quotation according to people's needs. But a true financial planner is to help people to ahchieve their financial goals, not just protection. Furthermore, i believe that there is no insurance company that is best in the market. I believe that each of them will have their own strength where maybe this will have a better medical card while the other will have a better life insurance policy. So, as a financial planner, one should have recommend their clients to get the products that suits him/her best. So, PLEASE don't claim yourself as financial planner if you are just merely an insurance agent.
This post has been edited by fbs: May 14 2009, 12:00 AM
Insurance + investment are bad financial decisions
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