Wealth Xtra Assurance and Investment Account

For this post, I will be sharing on Wealth Xtra Assurance and Investment Account owned by my husband.

Wealth Xtra Assurance and Investment Account

In early Aug 2009, Dave said that he received his account value statement for his Wealth Xtra Investment Account which he purchased about 2 years ago from a local bank.

He did grumble about the current value of the investment as the value had dropped about 40%.

He even thinks to sell off the fund to get back the cash.

The next day, he showed me the account value statement with Investment-Link Fund’s Performance Report and the Uni.Asia insurance policy he purchased together with the investment.

After a detailed reading of the insurance policy and some googling, then I understood his Wealth Xtra Investment.

It is a bancassurance product by a local bank with the purpose to provide protection and investment for their investors.

The insurance coverage is 125% of the sum insured or the current Account Value, whichever is higher, upon death.

For the investment, Dave invested in the Uni Global IPO fund. At the current slow economic growth, the fund is not performing well.

To sell off or give more time?

After further understanding of the Wealth Xtra Assurance & Investment account, Dave decided not to sell off or surrender his policy.

He decided to give more time for the fund to perform.

He also said, 2 years ago, the officer from the local bank promoted this fund for him without telling him further details. All she mentioned was the Uni Global IPO fund will make money.

After he signed up for the policy, he went to the bank to look for her for inquiries. Unfortunately, she’s no longer working there and another officer informed him to go to Uni.Asia office for enquiries.

I can tell he is really frustrated when the officer is not able to explain to him accordingly.

I think things will be much better if the organization put their customers’ interests first than their own interests.

For this case, it’s easy just to get the cash from the investors, get them to sign on to the policy.

But, later who will take care of them? Who will provide assistance when the real needs arise?

Be extra careful when purchasing the investment product

Dave said next time he will be extra careful when purchasing a product that involved different assurance or investment products offered by a different organization.

Because we don’t trust them to handle our hard-earned money. I hate it when one party push to another party.

Personally, I prefer to deal with a certain bank for their banking product and another different insurance company for their insurance services.

Final thoughts

Always remember, as an investor, we also have to be responsible for all our investment decision. It is crucial to understand the products before signing up.

One must also consider factors such as after-sales services.

So, be careful before you sign on the dotted lines of assurance and investment products.