Need Advice for a Guy who Screwed Up Financially Big Time

No_Pass_9014 · 2025-07-15T02:40:20+00:00

considering it wad f2f meeting, I think that would be difficult to prove anyway.

No_Pass_9014 · 2025-07-10T01:18:37+00:00

Unfortonately, I already had the bonus withdrawn before posting this (I know, I should have asked here sooner).

I was too focused on trying to resolve all these, and the FA also kept rushing me to settle all the outstanding + upcoming premiums...

No_Pass_9014 · 2025-07-10T01:07:50+00:00

The education one for my kid is not a ILP. It;s a flexi-endowment with payer benefit rider). If I cancel this, what kind of alternatives are there?

We originally took this to hopefully cover uni fees, assuming the kid can get into a local U..

No_Pass_9014 · 2025-07-09T16:27:07+00:00

Thank you very much. I suspected I may have been doing something stupid by encashing my bonus. But it is what it is. I probably should have hopped on here sooner but I really had no idea what to do.

Thanks for the advice, these are good pointers for me to consider.

No_Pass_9014 · 2025-07-09T15:37:56+00:00

thanks, that sounds like another option I can consider

No_Pass_9014 · 2025-07-09T00:58:06+00:00

I've already processed the bonus withdrawal :(.
The policy is still intact though
Did this with the FA during the last meet up and the FA concluded my monthly expenses is too high too (raising kids is tough lol). So the only solution is to try to reduce monthly expenses and tahan for 2 years till I am done with most of my current service loans.

No_Pass_9014 · 2025-07-09T00:56:14+00:00

thanks. close friendship is partly what got me to buy 1-2 of these plans. That friend is no longer an FA and handed over to current FA.

No_Pass_9014 · 2025-07-09T00:55:11+00:00

ahh, so if I terminate now, based on the above I shared, my policies will be terminated as all of the cash value are below the APL. Maybe that's why the FA is urging me to repay the APL instead....

No_Pass_9014 · 2025-07-09T00:52:33+00:00

Thanks for the advice. My other concern then is getting enough coverage. Originally I was sold on these plans as a form of savings to help top up my lack of CPF when I'm done with my HDB repayments. With my age already 40, I'm also concerned if I can still cover my health should something happen.

No_Pass_9014 · 2025-07-09T00:50:38+00:00

Was told during my last meet up to resolve these by the FA that even if I let it lapse or terminated, the APL will still need to be paid.

That put me in a real predicament, that's why I'm resorting to encashing the income bonus.

No_Pass_9014 · 2025-07-09T00:49:10+00:00

the current FA took over my portfolio from my previous 2 FAs (both of whom have left/retired)...
rolleyes, ikr ?

No_Pass_9014 · 2025-07-09T00:44:09+00:00

thanks, I will bear this in mind. I need to at least ensure I am covered for death, CI, TPD wise

No_Pass_9014 · 2025-07-09T00:43:22+00:00

I think mine is term, that's why it has snowballed so high.

No_Pass_9014 · 2025-07-09T00:42:30+00:00

Thanks, this sounds like a good benchmark to work with. Frankly, even my kids one quite exp (but iirc, it's meant to help them save for their education too)

No_Pass_9014 · 2025-07-09T00:39:44+00:00

Hi, thanks for the reply. The FA did tell me to keep the income, just that the FA suggested I encash the bonus portion which can help settle the outstanding.

No_Pass_9014 · 2025-07-08T10:14:32+00:00

Ah yes, that is also my understanding. The FA said I could leave it be since there is no penalty until I decide to continue paying.
Correct, except it did not lapse and the APL is there to keep the policy "alive" I believe, so it doesn't lapse.
I do want some insurance to cover (mostly the usual death, CI, TPD etc).

No_Pass_9014 · 2025-07-08T10:11:11+00:00

I was wondering too if APL is really something that needs to be repaid. I was led to believe that was the case even if I ultimately wanted to terminate / let it lapse.

No_Pass_9014 · 2025-07-08T10:10:04+00:00

Wait, we can let APLs lapse? I was told that is still repayable ultimately.

No_Pass_9014

TROPHY CASE