Hi, lets look at Insurance policies as a toolset in your wealth quest.
Using numbers alone they might make little sense to you and even seem like fraud but understanding what they are and what they offer you then you start to see how they can indeed benefit you.
*What is it you are buying?*
Sure you’ll be better off saving in a MMF with say 8% for the duration the 10 year policy. You could be saving for education, home, or whatever. Here’s where the policy shines and does it’s hard work.
If you pass away before the 10 years elapse you will not achieve your goals with the MMF but with the policy they will still have to pay your beneficiaries the full amount indicated in the contract on maturity or on request based on the contract.
If you pass away before the 10 years elapse you will not achieve your goals with the MMF but with the policy they will still have to pay your beneficiaries the full amount indicated in the contract on maturity or on request based on the contract.
If you are below 30 it is better to look for policies that pay you at maturity and keep the maximum duration at 10 years. Then you can move it to a more effective asset assuming you\’ll have accumulated more wealth so the risk is greatly reduced by then and don\’t need the cover
If you can’t make premium payments then you should contact the provider and workout a plan, the best insurance companies allow this. In fact it is in your contact person’s best interest that you are able to continue making the payments so the smart ones will help you.
*Choose the right tool for the right job.*
If you decide you are buying a policy there are few things you should know.
Type of Policy
Maturity Date
Sum Assured
Premiums
Surrender Value
Risk Cover
Payouts
Redemption
Have an Insurance agent/ Financial Advisor you can talk to easily and who are trustworthy.
Iam Here to Help.
Adapted from
https://twitter.com/mtucreativity/status/1442159140923641857?s=19