While insurance companies are pushing for ILP. I don't believe that it will completely overtake traditional plans. I believe all plans have thier pros and cons and serves various purpose for various people, be it traditional or ILP.

its unfortunate that even till this day we hear about people getting misleaded by agents in buying insurance products that doesnt serve thier purpose.

ILP are not horrible investment products but they're not great either. so its important to take note that your primary purpose for ILP is INSURANCE, the returns that comes with it are a BONUS. knowing its pros and cons and conditions that comes with it helps as well.

Some favorable ILP points
1. Affordability - premium to coverage ratio are low
2. Flexibility - riders can be added/removed as seem fit, funds as well
3. Cash Value are not tied up

Some downside
1. NON GUARANTEED - depending on market/funds cash value might even drop to 0
2. risky as age goes older
3. Time to time monitoring/adjusting is needed.

therefore ILP is not for every one unless you meet a certain criteria.
recommended criteria:
1. young (25-30)
2. need high coverage FAST
3. limited budget
4. want to cover a temporary risk (such as loans)
5. willing to stretch every ringgit

other tips in buying ILP includes
1. think twice when proposed projections are high (usually the funds invested are high risked)
2. make sure that the policy contains the funds you choose.
3. apply for a automatic conversion scheme where risk will decrease as age goes higher.
4. make sure the plan meets your purpose!