I have an insurance policy with AIA; I bought almost 10 years ago now. An ex-colleague was leaving the company to "strike it out on his own" - in his words, and it was the age when helping friends out was paramount, never mind I hardly knew the guy (who isn't even cute to begin with). It's a endowment-life plan hybrid, and according to Spenz it incorporates all the disadvantages of both insurance classes. I'm paying almost $100 a month for a 20k coverage, pathetic I now know. But I was 19, and wanted to make the world a better place.
In a recent policy review, Spenz told me that I'm not making my money work for me. That yes, although I've spent the last 9 years paying almost 10k worth of premium and it'll be an outright loss of at least 3k if I surrender the policy now, I should seriously consider surrendering this policy so that I can channel the funds into more productive investments, insurance or otherwise. That I shouldn't be sentimental about all the money I will lose if I pull out now, because the earlier I pull out the earlier I can make my money work harder for me.
Strange how all the above points apply to Tan as well. Dude doesn't want to marry me just yet, because he is not ready/hasn't secured his career/hasn't got enough money. I'm only investing my most precious asset - my youth. He thinks his promise to marry me in the near future should be good enough for me, and our debate on what exactly constitutes 'near future' is tiresome enough for me to dismiss his promise as a junk bond. Identify, then cut losses.
If I can surrender the AIA policy, maybe I'd just be brave enough to set myself free.
1 little indians:
Hey nana, don't surrender it first. G
et the latest returns statement from AIA, and see when the policy will break even (that is when (the amount invested) = (surrender amount)).
Also, the past 2 years were bad economically, and would have affected the returns too. It might not be wise to surrender it now.
- chrissy
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