Ah, investment-linked policies – or ILP for short. You hear them everywhere, be it online or offline. What is it, exactly? ILPs are policies with both investment and protection components. They’re flexible in the sense that they cater to consumers who want both at the same time. However, it’s not for everyone and sometimes you end up with one even thought you didn’t intend to. fundMyLife have written two case studies on users who have asked questions on ILP: here and here.
We must emphasize that we here at fundMyLife are not against ILPs. In fact, we believe that an ILP has a place in one’s portfolio. However, the reasons why it ended up in your possession may not be right. In this article, fundMyLife lists the most common reasons why you might have ended up with an ILP.
#1 You were supporting a friend/family/army buddy
This seems to be a very common reason why you’d end up with an ILP …