Read this and see if you get upset like I did:
I have recently become interested in growing my wealth and financial planning because I have seen how my own parents failed. However, I am only just starting, plus I am terrible with numbers. I am probably only good at capturing the theory, but terrible at application, and may have made some mistakes, which I now need help with. I have no one else to turn to except insurance agents, who I am sure you know are mostly biased towards their own products.
All in all, the impression I got from the agent who sold me the product was that this is similar to something I would get from the stock market, a one time payment, wait for gains, sell if you need to, otherwise hold and allow the gains to roll. I knew there would be fees and charges because this product is from an insurance company, but I did not know I would be unable to surrender any time before 30yrs is up.
I had initially agreed to the product because i recognised a lot of the funds eg Blackrock, Schroder, Legg Mason, Pictet. Plus, I thought this product would be a safety net for me, just in case I screwed up my own private investments, because I had believed in the ability of these funds to do better than I could.
Any advice or feedback will be greatly appreciated.
Misunderstood? Misrepresented? Negligence?
I have passed this case to a friend who is a professional to follow up. However, feel free to share your opinions in the comments section. I am sure the
1. Know what is good for us.
2. Will I retire happy?
3. "A safety net in case we screw up our investments?"
(It is the CPF.)