I had just received my ILP half yearly statement today.
I bought this policy from my friend when I first graduated from Uni when I have zero financial knowledge.
I was told that is good as it incorporate both investment and protection. It sound so wonderful to me then.
Let me share how "wonderful" this ILP is.
It is the "best" investment that I had ever invested in.
Policy Title: Manulife Flexi Aggressive portfolio.
Started from Aug 08, deducted $200 every month.
Change to $150/mth on Dec 09
Total premium paid to date: $6250
Current cash value as of July 2011: $1801.45
% gain/(loss): -71.18%
Where can you find such marvellous investment? Even my healthway which is currently at 40% loss cannot fight the 71.18%. Furthermore, you have no control over it.
This is the best investment cum protection plan that you can ever have. Please remember ......
Just to share with fellow readers, I almost bought an ILP from a school mate during his part time days with 1 of the agressive insurance company. He was really nice, being patient and careful with everything he was trying to sell me and I was really going to make the purchase.
Met him up a few times and then we almost got the contract signed until 1 day, before I signed the contract, I consulted another friend who is a financial adviser to be. He told me to be more cautious because this ILP only works on long term.
Thankfully I listened to him. Months down the road, I heard my school mate eventually left the insurance company and went on to another industry. If I had purchased the ILP because of the friendship, I would have lost a large amount of money too.