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Wednesday, September 28, 2022
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MAN BOUGHT INVESTMENT INSURANCE & INSTANT REGRETS AS ITS A 10-YEAR INVESTMENT

Last year, just after I (25M) graduated from Uni, I was approached by my friend who was a financial advisor. You all can guess where this is going so long story short, I bought an ILP (AIA Pro Achiever)

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I heard bad things about ILPs before, but he told me this was different because it has 100% premiums invested.

He recommended it to me because I told him I had no intentions to ever learn how to invest, so he said this was a good “middle ground” option

Back then, me having 0 knowledge on finance (my bad) being overly trusting and gullible (also my bad) decided to buy it. Monthly premium of $300 around ~7% of my current salary.

How badly have I messed up? I admit that this was attractive to me mainly because I had no intentions to learn anything about stocks or investments.

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But recently I have been hearing things from my other friends about roboadvisors and how it’s similarly low effort and yet modest returns. I found this sub while doing research into it, and I’ve realized how bad a decision I made.

Should I terminate the plan? Or wait out the remaining 12 years and surrender after that. (No surrender charge after 13 years)

More context about my financial situation (if it’s relevant)

Currently I have around $25K in savings (in SC jumpstart) as an emergency fund.

Single, living with parents (rent too expensive, no friends to split with).

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Job is stable, in essential services (pharma industry), so no immediate financial concerns, my next big purchase will be when its time to buy my HDB.

I know I must sound really dumb (also lazy) as a working adult and it’s my own fault for not taking steps in educating myself about personal finance. So I would greatly appreciate any and all advice.

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