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 All about PRUDENTIAL & insurance updates!, any insurance related issue are welcome

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kaedechan
post Oct 1 2014, 09:45 PM

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My agent told me that for prudential investment link insurance there is no difference to pay the premium by monthly, quarterly or yearly. Is this true?
Cause I heard that it'll be cheaper/has discount if pay by yearly.
kaedechan
post Oct 2 2014, 02:27 PM

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QUOTE(adele123 @ Oct 2 2014, 11:22 AM)
Nope. Given the nature of how ILP works differently from traditional insurance plan, you shouldn’t be charged extra.

I can think of a few possibility
1) Your agent is stupid and he doesn’t know how to differentiate.
2) Your agent scared you terminate policy, wants you to lock you in for longer, so he lied.
3) You have special riders (with different payment term, I know 1 or 2 companies have this funny thing but not sure if GE does) attached to this plan. But no matter whether you have the riders or NOT, you should pay the same amount monthly/yearly to the basic plan.

I think 1) or 2) is more likely. 3) is unlikely. Could be 4) but I’m out of my depth. Could be many things in insurance I don’t know about.
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My friend bought GE insurance and told me that she get discount when she pay by quarterly. But I'm not sure if hers is investment link or traditional plan cause she not clear with it as well. But as far as I know from what she told me it sounds like investment link. She has NCB, medical card, life, 36 CI, accident etc. All of it looks like investment link plan.
Anyway, I'll check with her~

 

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