[caption id="attachment_3464" align="alignright" width="150" caption="Photo by Gabriel M."][/caption]
I get disturbed if I get to know of any advisers asking their clients to terminate their Whole Life Plan or ILPs for certain reasons. I'm not against terminating an insurance policy if due diligence been made but my observation is that some advisers do not advises properly before asking their client to terminate their existing policy.
One common objective of these advisers who asked their clients to terminate their Whole Life plan or ILP is by asking them to buy another Limited Premium Term Whole Life Plan. Even if they can’t convince them to surrender the existing policy, they will still tell them to get one more whole life plan as if a limited premium term whole life plan is a “must have” type of policy.
When these advisers see a regular Whole Life Plan, they will emphasize to their client that they have to pay whole life for their whole life plan and why not switch to a limited term one? They will also harp on the point that it will tough to pay when you are retired and you may have to surrender the policy when you do not have money. Read more...