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新加坡保险 | 2026 年的第7天：我为什么把它当成“长期资产结构”

2026 年的第7天，我想写一篇比较慢的文章。

不是为了介绍某一款产品，
也不是为了劝任何人马上做决定，
而是想把我自己这两年反复思考的一件事，认真讲清楚。

为什么我会把“指数万能险（IUL）”看成一种长期资产结构，而不是一张保险。

 

一、先说一个前提：我并不怀疑市场长期会上涨

如果一个人从一开始就不相信市场长期向上，
那其实没有必要讨论任何投资。

很多投资策略失败，不是因为设计错误，而是因为人走不到最后。

我自己非常清楚：

优质指数，在足够长的时间维度下，大概率是持续上涨的。

真正的问题从来不是“涨不涨”，
而是——

上涨的过程，几乎一定伴随着让人极其不舒服的波动。

 

二、真正考验人的，不是方向，而是中途那段路

很多投资决策，事后看都是对的。

问题是：

在事情“尚未被证明是对的”之前，人能不能扛得住。

中间会发生什么？

刚加码，市场回撤

账面盈利还没来得及开心，就被打掉一半

明明知道要长期持有，但每天打开账户都在考验情绪

那种感觉，不是技术问题，
而是非常真实的心理消耗。


大多数投资失败，不是输在认知，而是输在情绪管理。

 

三、我开始重新看待“指数万能险”的原因

指数万能险（IUL）并不是为“追求极致收益”而设计的。


它的核心逻辑，其实非常坦白：

承认市场长期向上

也承认中途一定有波动

并且正视一个现实：

不是所有人都能承受完整的回撤路径

于是，它选择了一种折衷但更“可持续”的方式。

 

四、它并不是不参与市场，而是改变参与方式


以典型的指数万能险结构为例：

一部分资产，参与指数长期增长

有上限（Cap）

也有下限（Floor，0%）

另一部分资产，放在相对稳定的账户中

提供持续、可预期的利息

在波动时，起到缓冲作用

这并不是对市场缺乏信心，
而是主动承认：

对很多家庭来说，“不被打回原点”，比“某一年赚最多”更重要。

 

五、我很喜欢用的一种理解方式

指数万能险，本质上是在做一件事：

用结构，帮人熬过那段最容易放弃的时期。

你放弃的是：

某一年可能出现的极端高回报

换来的，是：

已经赚到的收益可以被锁定

下跌时不需要承受“负增长”

更高概率能一直留在市场里

这不是在追求刺激，
而是在提高“长期走到最后”的胜率。

 

六、我也必须说清楚：这并不适合所有人

如果你：

能承受大幅回撤

能在下跌中持续加码

对短期波动完全免疫

那你未必需要这种结构。

指数万能险从来不是“更聪明的投资”，
而是一种—-

更贴近真实人性的选择。

 

七、2026 年，我会把这件事慢慢讲完

接下来，我会陆续写一些文章，聊清楚：

为什么“知道要长期持有”和“真的做得到”，是两回事

为什么 Cap 不是越高越好

什么情况下，指数万能险反而不合适

如何把它放在整体资产结构里，而不是单独看

不是为了你马上做决定，
而是为了你在未来某一天需要的时候，

能做出一个不后悔的选择。

我并不想教任何人如何战胜市场。
我更关心的是：

人在市场里，如何不被自己打败。

 

📮 我是 Jolysse 邬宇思，financial alliance持牌理财顾问，专注于全球资产配置、保险规划与财富传承。

感谢您花时间阅读这篇分享！如果您有任何疑问，或者想了解更多，欢迎在评论区留言或者私信我。我们下期见 😊

 

文章内容

Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek unbiased financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.

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根据《个人数据保护法》，鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料（例如姓名，证件号码，联系电话，邮寄地址，电邮地址和照片）。 该政策可在本公司网站上查寻，网址为 https://fa.com.sg/data-protection-policy/.

By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.

提交此表格，即表示您已阅读并理解鑫盟理财私人有限公司的个人数据政策