I recall my first investment was through a insurance agent (Let's call him Mr A) from NTUC Income (Insurance Co-operative). It was called the Ideal Policy. It is sold to me as an investment link product with a substantial amount of monthly premiums going in a balanced fund. Problem is 15% of the first 3 years of premiums goes into payment for commissions and other overheads.Thereafter 100% of premiums paid gets invested fully into a diversified fund. At that time, Mr A marketed himself as an investment guru and he claimed that he has helped his other clients double their initial investment outlay through skillful top up of funds at the right time. Mr A seems to possess the amazing ability to enter and exit the market!
The fact that even before investing, one would have lost 15% per annum does not seemed too bad at my young age then. I have always thought that no pay no gain....and indeed, I paid hard to learn a great lesson! I never made any money from the NTUC Income investment linked products. The promised top-up by Mr A at the right opportunity never materialized throughout the many years I stayed loyal to him.... I got squeezed dry.
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