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Tuesday, August 9, 2022


So my bf has been an insurance agent/financial planner before we even got together, and I’m supportive of his career choice. We’ve been together for slightly over a year and we’ve met each other’s parents a couple of times already.


Still, he has only met my parents about 5 times since we only meet up as a family for gatherings like someone’s birthday or CNY.

My bf had told me that he wanted to sell insurance/investment plans to my parents and I said no, because I didn’t want my parents to think badly of him. You know, the stigma around insurance agents/financial planners.

Then, I just found out that he sold an investment plan to my parents. He waited for me to leave the house to settle some errands and then talked my parents into buying the plan.

Thing is, the plan looks absolutely horrible. My parents have to pay 50k a year for 5 years. They will then get a lump sump back at the end of the 5 years with interest.


My parents are retired, and they have about 300k in cash savings. This means they have to set aside 250k in their bank to pay for these 5 years, which means this plan is locking their retirement money which could be put in some other investment plans/stocks.

This also means that they only have 50k to spend for the next 5 years which I think is definitely not enough. I feel like this plan is more suited for people who are still drawing an income and can set aside 50k a year to save, and not for people with the actual cash in hand now in retirement.

If anything, they should be buying a plan that dumps 250k in now, then withdrawing X amount a year instead.

Now my parents are quite happy with the plan, saying that it has a good interest and all, and my bf is happy that he earned the commission and has somewhat gained respect from my parents as a financial planner.

My parents are really not financially literate and the money they have now is from their lifetime of saving. They do not have much cpf because they were self employed (small provision shop).


I have not told my parents how stupid this plan is because I’m afraid they’d start to hate my bf or they’d just not trust me, but I feel like it is my duty to protect my parents’ interest. Also, they are very stubborn and I feel like I will not be able to convince them to cancel the plan.

There’s still time to cancel the plan without any fees but I’m in a real dillema now…

My bf is disagreeing that this plan is stupid, and he said my parents have the right to invest in whatever they want without my approval, and he emphasized that they are happy with it. What should I do? I’ve told him to bring up cancelling the plan instead else I’d do it instead and he said I’m putting him in a spot.

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