Adrian I am a structural engineer, 27 yrs old, and earn a salary of S$4700 per month. Last week, I was determined to have an investment plan as I realize the importance of money management. so, I just went to a well-known bank, HSBC. A senior wealth manager persuaded me to join a ILP, life manager plus. I did not fully understand this plan as she did not tell me how to calculate the projected cash value, total deduction effect and distribution cost. When I asked, she said it's too technical and she did not know as well. and then, I just trusted the expertise of the professional and signed the proposal with a premium of S$2000/month. After coming back, I read the proposal carefully, as a engineer, I have some mathematic knowledge, so I tried to figure out how to calculate the cash values by myself. Finally I made it and after doing some case studies, I realized how lousy this plan is! I will lose quite a lot investment if I follows this ILP with S$2000/month. The agent will get a very big fat from the low allocation rate of the first three(3) years. Read more...