i am furious about myself. i never realised what kind of crap i got myself into all these years until i received the policy coupon payout from aia.i got this savings policy 5 years ago and it gave me so called the "flexibility" to draw down on the 5th and 10th year. draw down they call it. DON'T EVER draw down. and by the way, please note that policy 'bonus' is on face amount of the policy, not whatever you have put in. they will tell you the bonus is accumulated, but it is accumulated on a FIXED face value + accumulated bonus (at 1.85% p.a).
They are giving me a 'coupon' payment. excuse me, what coupon payment. this is face value drawdown.
Ok, next they say projected value at maturity date. no matter how i compute, i am not getting the value there. i called the customer service and they tell me system is down, they can't generate the illustration. i don't need an illustration. i want to know how in the world this projected value is computed. $12k projected return? where is it? i am still seeing 1.85% bonus on face value. i don't see a change in my face value, still that pathetic $5k.
i am going back to study the GE one tonight.
I hate myself for being so ignorant. for not knowing how to do my sums.
Please be very careful how insurance companies pump up their returns to attract you to buy in with them. nothing is guaranteed in this world. and what is worse about non-guaranteed things is i am tied to it for 2 decades. i rather park my money with equities. at least i have liquidity. i can sell it off in an open market any moment.
I am not paying insurance companies to take my money and use it for their own benefit. i am such a fool. but a fool no more. from this day onwards, insurance agents better back off from me.
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