You should cancel C

What about A and B?

Erm. Very technical very hard to explain on it while typing on the 5 inch phone. Your savings plan may have dividends. Can withdraw and pay for premium. I busy working 12 hour during weekday. Else i dont mind helping to analyse.

Long story short is depend what policy you buy, you can do things to maintain your policy without having to burden yourself.

The name of the policy does help. As you are not familiar but people like me am familiar, tengok nama also can guess what policy, what action plan... your 800k version actually can do reduce sum assured. Should be investment linked. Dont need to pay so much if really cant afford. Or dont pay. Got premium holiday facility. Next question will be what is premium holiday and got some downside on this.

If want my help (or other insurance expert) really need more info. Itu sikit sangat. Susah tolong.

Caveat. I bukan agent. Community service at lowyat every now and then. Cheers.

Like the other forummer has said, knowing what policy you have bought will enable us to know the nature/structure of the policy then we can advise accordingly.

The coverage you've mentioned earlier seems like it's an ILP. If it is indeed an ILP then you can very easily request to reduce coverage which will indirectly reduce your premium. By doing so you are not surrendering your policies and won't be hit with penalties.

FYI: a lot of agents are selling ILP as though they are saving plans.

Hence knowing the name of your policies is actually beneficial in this discussion.

Best,
Jiansheng

A - Vantagecare (RM170,000 death/critical illness/TPD/policy maturity)
B - Wealth Accumulator 2 (RM75,000 death/TPD/maturity)
C - Smartprotect Max (RM800,000 death/TPD, RM200,000 critical illness)


This post has been edited by RigerZ: Aug 25 2019, 01:20 PM

Thank you so much for pointing this out!!!

The agent should be helping the client to get insured and not just with hitting their sales target in mind!

A few of my peers got persuaded in signing multiple saving plans which are very redundant and ended up with no saving and not enough money for daily expenses. Luckily some plans are just a few months old. So the hit is not that big.

To all insurance agents, you are helping your client to get insured according to their background, dependants and financial status and not just to increase your personal income.

Okay I'm in talks with my agent to reduce the premiums. But then again since I had already contributed so much premium prior to this, would the revised plan take that into account? Or will it assume I'm starting fresh? Then it's like I've wasted all my earlier premiums

Add: Should I reduce to the bare minimum or do I put a little bit more in for safety (if there is any)?


I thought I've seen a lot of "Why you shouldnt buy ILP" threads and articles around....

This post has been edited by RigerZ: Aug 25 2019, 01:01 PM

I have came across articles telling about the cons of ILP too.
moderation, individual's needs, scope of education, life experiences and financial capability can add another factors/elements/dimensions to the deciding factor too

The only real retirement product I see is Wealth Accumulator 2, Vantagecare and Smart protect Max are protection products.

Ckdenion do chime in and assist TS.

Best,
Jiansheng

Iinm, normally the premium will reduce but the cash value from your previous contributed premium will still be there. Did you check the current cash value of your plan?

Edit: As for ILP, it does the job for maintaining the premium at the same price when we grow older though its not guaranteed. Just that the investment part is not that good compare to many other investment vehicle available due to the bad performance and high fees charged by the fund manager.

You can read more about it here on whether to cancel your plan or not and here if you wanna learn more about ILP. The GOOD and the BAD

This post has been edited by neverfap: Aug 25 2019, 01:03 PM

Why should they? They are only selling what gives the biggest contribution to their bank account and whatever which float their boat. Never ask a barber whether you need a haircut.

The current cash/surrender value is about half of my total contributions so far.

Should I reduce to the bare minimum or do I put a little bit more in for safety (if there is any)?

I have updated my previous reply with links for you to learn/understand more about ILP.
"reduce to bare minimum" and "put a little bit more in" in term of?

Ah got it thanks

Reduce (my annual premium) to bare minimum or contribute a little bit more.

Why do wanna contribute more?

Haha. Well, its sad that this is true. Maybe its because of how they are taught to approach their clients?
But not all of them are same, still got some barbers that provide a good haircut based on the clients appearance, shape of the head, occupation and also client's requirement.

This post has been edited by neverfap: Aug 25 2019, 01:12 PM

I dont know if I should/should not, hence me asking. I guess at least it has better returns than F.D while having supplementary TPD cover?

My agent didnt say if there is a minimum premium, and asked me to give an the amount for him to do a re-quotation.

As mentioned in the previous post somewhere, the return of the investment part normally performed not as good as FD plus part of the money you are paying now will go to your agent.
Also, you do mentioned that your current contribution limited your expenses right? If you increase your premium, wont you suffer more from it?

Better off reduce your current premium by providing a more lower/suitable insured amount to your agent and let him quote you first. Then use the balance from the reduced premium for your daily expenses or maybe invest it in somewhere else like the good ol FD or asnb.

Oh sorry. What I meant was should I contribute slightly above the minimum allowed premium. But sincemy agent didnt specify any minimum I guess RM100 per month should be it.


I do want to go for ASNB but I read here that:


Unless if you can enlighten on when are there units for newbies to buy...

I see. My apologies for misunderstood it haha and thanks for clarify it

Hmmm, depend. If u pay the minimum, how long will the cash value sustain the insurance plan? And if the money left over still be the same? Iinm, the cash value is not guaranteed one. Do ask the agent whether how much is the guaranteed amount. Later if found out that there's no more cash value when you wanna withdraw for your retirement then it's too late.

As for asnb, you can only keep trying to buy. You can seek advice from the topic too and study the posts to understand more about it.

Or you can just go for promo fd