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)
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.
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).
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.