Financial: The useless ILP, & how to go about terminating it

[Enye]

roadshow ho leh....if got carnival even better

 

can occupy my kids foc then walk in front of a chio agent so that she can wave to me, tug at my arm and then go sit down at the table to talk

 

  

[Mustank]

  On 10/11/2017 at 4:08 AM, Solar said:

Roadshow at kovan where they give fried ice cream.. don't have millions to warrant the other kind la bro ð

Ya, super pissed. When confronted I was shown the clause the 2.5 and 3.5 projected returns wasn't guaranteed, unlike the life policies we see.

Very sneaky. Use the same format and illustration and all along I had the impression is the same

The strange thing is after 10years, my policy gave an extra 5% units per year

Even like that also can lose money

Damn weak

[Enye]

  On 10/11/2017 at 1:21 AM, Sunny said:

no la...very little only

they are trying so hard to get comm.

 

 

but totally agree with you.

keep under pillow is the best.  have nice $ bah wu, sleep very soundly 

 

mai geh geh

 

you told me yesterday you got 1 million cash bullet to buy properties hor

 

[Sunny]

  On 10/11/2017 at 4:54 AM, Enye said:

mai geh geh

 

you told me yesterday you got 1 million cash bullet to buy properties hor

 

 

 

you missed the most important part

 

 

 

 

 

 

 

in japanese yen

[Kusje]

  On 10/11/2017 at 3:51 AM, Roadrunner2029 said:

I remember some decades ago, out of curiosity went to one of those recruitment drive that was advertised as some kind of introduction to financial analyst profession, no where did it mention it was for a insurance company, or for an insurance agent job only when I arrived there, see the big big logo of one of the well-loved companies mentioned in this thread. I thought OK, just see what they have to offer.

 

The first thing, walk inside, must fill up a form to "assess your understanding of financial risks", then one page is fill in five friends and relatives who might be in need of financial advice. KNS, don't fill up cannot go. Give them all the fake telephone numbers, then walk away.

 

I'm sure they also talked a lot of BS before that to glorify what they are doing, but this was the only thing I could remember of the entire session. I can see a lot of poor souls really believe they are going into a "financial analyst career" , guai guai give the information and ask a lot of questions. But also don't know if they are actors to influence others into giving information of friends and relatives.

 

I'm sure many of you have received calls saying, "you have been recommended by your relative <full name> for free financial seminar, blah blah blah".

Can elaborate how they refused to let you go if you don't provide the info?

[Kusje]

  On 10/11/2017 at 6:10 AM, Roadrunner2029 said:

Decades ago liao. In my vague memory, I think they lock everyone in a room, and then say will give some free special talk conducted by so and so CEO from so and so place, but only after the forms are completed. Never complete then won't start, use peer pressure and brain washing of some sort. Initially quite friendly one, then later got some people in power suit with some big titles like GM, MD, walk around and talk some people down in intimidating way, like we cannot help you if you cannot help yourself. Some other participants will also tell you to faster finish. Really brain washing lor. I was like .. SMLJ.

 

This kind of experience actually is good, and I will encourage my son to try out and see how some stupid people use different ways to scam people with a weak mind. But of course, ownself got to be strong minded.

 

The only other time I experienced something similar but a religious event masquerading as an art event, but I shall not elaborate further.

 

Sounds like some of those MLMs.

 

But I've never understood why no one ever KPKB and insist to be released.

 

But speaking of MLMs, some of them are so darn funny. I had one JC classmate contact me while I was in NS - sent me a text message asking me if I wanted to make big bucks but refused to explain what he meant when I asked him. Just kept trying to jio me out.

 

Bo liao. Does such BS ever work on anyone?

Edited October 11, 2017 by Kusje

[Kusje]

  On 10/11/2017 at 6:24 AM, Roadrunner2029 said:

Actually, only a handful of us fill up the form then left also kenna talked down. One of the chabor in power suit, I think she gave herself a GM title, told us off in a rather sarcastic way, like we are losers or something ..  this part I still remember because really SMLJ. That time also still young, don't want to offend these "big shots". 

 

But imagine if you are customer buying anything from these bunch of clowns, don't think you can expect any sound financial advice. All they are interested is your first year premium.

 

chio or not? 

[Wind30]

I had a big qiarrel with my wife yesterday after I found out she bought a retirement policy recently behind my back....

 

1.6k monthly for over 22 years... over 422k in premiums altogether....

 

She has paid for around 16 months.... should I just ask her to stop it?

 

It is a bit like CPF life, she can draw out 2k every month from age 60-80

 

Previously she has bought some education policy (70k each over 18 years) for our kids a few years ago and I told her off already.... unbelievable.

 

did anyone actually had decent returns?

Edited October 11, 2017 by Wind30

[Kusje]

  On 10/11/2017 at 6:47 AM, Wind30 said:

I had a big qiarrel with my wife yesterday after I found out she bought a retirement policy recently behind my back....

 

1.6k monthly for over 22 years... over 422k in premiums altogether....

 

She has paid for around 16 months.... should I just ask her to stop it?

 

Previously she has bought some education policy (70k each over 18 years) for our kids a few years ago and I told her off already.... unbelievable.

 

did anyone actually had decent returns?

 

wah... investing 422k without consulting you? Jialat man. That's like you buying a new S-class without telling her.

 

Cancelling it is an option but what's the penalty and what can you get back?

Edited October 11, 2017 by Kusje

[Wind30]

  On 10/11/2017 at 6:49 AM, Kusje said:

wah... investing 422k without consulting you? Jialat man. That's like you buying a new S-class without telling her.

 

Cancelling it is an option but what's the penalty and what can you get back?

 

get back nothing

[Enye]

  On 10/11/2017 at 6:47 AM, Wind30 said:

I had a big qiarrel with my wife yesterday after I found out she bought a retirement policy recently behind my back....

 

1.6k monthly for over 22 years... over 422k in premiums altogether....

 

She has paid for around 16 months.... should I just ask her to stop it?

 

It is a bit like CPF life, she can draw out 2k every month from age 60-80

 

Previously she has bought some education policy (70k each over 18 years) for our kids a few years ago and I told her off already.... unbelievable.

 

did anyone actually had decent returns?

 

obviously your wife is worried about the future and you are totally in the dark.....

 

you probably need to try to figure out what she is concerned about and share your own financial plans with her

 

  

Edited October 11, 2017 by Enye

[Kusje]

  On 10/11/2017 at 6:50 AM, Wind30 said:

get back nothing

 

Wah. That's 25k down the drain. Honestly not easy for anyone to give advice without the specifics of the policy.

 

And even then, not sure anyone will wanna risk giving advice.

 

I can only say that if it were me, I would cancel it. Without even considering the financials of it, I want my wife to know there can be no good out of disobeying me 

Edited October 11, 2017 by Kusje

[Kusje]

  On 10/11/2017 at 6:54 AM, Enye said:

obviously your wife is worried about the future and you are totally in the dark.....

 

you probably need to try to figure out what she is concerned about

 

  

 

If it were someone complaining about her husband, I'd ask to check if the agent is a chio bu or not 

[Mustank]

  On 10/11/2017 at 6:47 AM, Wind30 said:

I had a big qiarrel with my wife yesterday after I found out she bought a retirement policy recently behind my back....

 

1.6k monthly for over 22 years... over 422k in premiums altogether....

 

She has paid for around 16 months.... should I just ask her to stop it?

 

It is a bit like CPF life, she can draw out 2k every month from age 60-80

 

Previously she has bought some education policy (70k each over 18 years) for our kids a few years ago and I told her off already.... unbelievable.

 

did anyone actually had decent returns?

Now I put money in kids cpf for their education

 

I used to beat myself mentally for buying the policies for kids and myself

Could have brought them for a tour to USA

(I never went there before)

Can go Disneyland

 

But in life you gain some you lose some

But family is all I got

Money lost is really ai wan

But have to move on

[Wind30]

I am just wondering if such retirement plans are reasonable? 

 

There is a guaranteed component but that is basically 5xxk which is like 20% profit over 40 years, assuming you live to 80 years old. 

[Mustank]

  On 10/11/2017 at 7:00 AM, Wind30 said:

I am just wondering if such retirement plans are reasonable?

 

There is a guaranteed component but that is basically 5xxk which is like 20% profit over 40 years, assuming you live to 80 years old.

Office people got talk about this but I didn’t pay attention

But they got say the cpf life is still better but there is a cap to cpf life

Pte one no cap

Better as in returns

[Kusje]

  On 10/11/2017 at 7:00 AM, Wind30 said:

I am just wondering if such retirement plans are reasonable? 

 

There is a guaranteed component but that is basically 5xxk which is like 20% profit over 40 years, assuming you live to 80 years old. 

 

Just throwing some rough numbers.

 

Assuming you pay 1.6k per month for 22 years then stop paying. You wait another 18 years without paying then get 500k back.

 

Your interest rate is a miserable 0.6% 

[Enye]

  On 10/11/2017 at 6:56 AM, Kusje said:

 

I can only say that if it were me, I would cancel it. Without even considering the financials of it, I want my wife to know there can be no good out of disobeying me 

 

you might as well ask your wife to surrender all her money to you and you give her daily allowance