I have a Sanlam policy (Fund of Funds, or something like that) that started in 2001 and will pay out in 2031. I was very young and stu... er, naive when I signed up for that.
I should also point out that picking a term of 30 years was my idea, not his (he wanted to sell me a 5-year policy).
The premium has a fixed growth of 15% per year and currently costs me about R650 per month (it has a life cover component built in as well). The value of the fund's now about R20K, which doesn't seem like much.
I've always assumed that I'm stuck with it, but the financial advisor now wants to come see me - he says he has some concerns about the growth of the fund value vs the premium I'm paying. I've never met him; he took over a few years ago from the guy who originally sold the policy to me. He didn't explain exactly what he wants from me, so I'm trying to be as prepared as possible.
Is it possible to change the terms of this kind of policy?
Is it likely that he'll try to convince me to get rid of it and buy something else (assuming that's possible)?
I know that I should ask about any possible penalties for whichever course he suggests, but what else should I ask?
I'm already disinclined to trust that he will necessarily have my best interests at heart, since the previous guy tried to convince me to buy another policy at one point - he "couldn't remember" how much commission he'd be getting and was also not interested in giving me information about other savings options.
I'm quite clueless about these things so I'd appreciate any advice.
OK, I've finally been able to get a look at the statement of assurance (their website wasn't working for me last night) which states that the gross fund value is R20K, but the fund value is R34K, which seems a tiny bit better.