I came across someone asking for help with regards to his insurance portfolio.
I have helped many clients to sort out their portfolios after they have bought all kinds of financial products that were not only lousy, but did not suit them at all. I felt compelled to offer some help to this individual as he was really paying a lot from his monthly income and was still poorly insured.
Here is his insurance portfolio:
The most astounding thing is that he is still a student with a monthly income of around $500. He was already paying almost 40% of his income on various policies until last year where he was sold an investment-linked policy (ILP) of $150 a month, making a whopping two-third of his income spent on insurance. The worst part is that he is far from being adequately insured. This problem may well follow him after graduation ......