Insurance - SO's regular savings ILP

I totally have no idea how much premium SO had being paying over the years.
He was a saleman's best friend, as long as one make the effort to contact him, in order to stop one from calling him, he will sign along ALL dotted lines. So to him its a WIN-WIN situation, one get to meet sales target AND he manage to get another agent off his back!!! Please do not approach SO to attempt selling, he was taught to say NO to everybody now.

Premium payments is another issue. Most of his policy, he only managed to make a few payment before policy is lapsed. But, the amount loss from all these policies are unknown.

To know about IPL, please refer to the following blogpost

SO did not have any insurance coverage when our #1 is born, then an agent friend of his took the chance to entrice him to buy a protection plan that comes with investment. Friend claimed that since SO do not have any insurance coverage and besides our son is still young then, it would be better that he sign for a low cost plan. $100 premium seem really low cost indeed (but this is bullsh*t when one compare it to term insurance.) Of course, we had no idea it was a toxic product then, but as I still think that plan that has money back was good back then.

Policy that we sign is a 65 years contract, which means we had to make a $100 prenium monthly for 65 years! Policy comes with a Critical Illness link benefit an amount of $50000 that expire together with the policy, as well as a disability benefit of $50000 that will expire when SO turn 62.

Policy comes with the following charge, a $5 monthly policy fees.
The unit allocation for the first year  is 0%!!!!
2nd year unit allocation is 52%
3rd year unit allocation 52%
4th to 9th year unit allocation 103%
10th year onwards 105%
If he decided to fully surrender in the first 24months, he has to pay a fee of $150.

The insurance component , there are 2 different table and I do not know how to read it!!!

SO bought this policy in December 2005.

I do not keep a record until 2008.
For 2008 charges are as followed  the adminstrative charges is $60, Insurance charges for basic and rider is $153.39. Our net cash surrender value was a shocking $344.52!
For 2009 charges are as followed the adminstrative charges is $60, Insurance charges for basic and rider is $171.11. Our net cash surrender value was $1664.28!
For 2010 charges are as followed the adminstrative charges is $60, Insurance charges for basic and rider is $195.18. Our net cash surrender value was $2465.54!

We had totally no idea what to expect at the end of the policy. But we will continue sticking to it, just taking a pinch of salt that is a form of forced savings. The last time I heard, this agent was driving a Nissan Fair lady! Wow he must be earning a lot from selling toxic product!