Did you know that life insurance can be used as an instrument for savings ?
By audrey7
@audrey7 (232)
Jamaica
November 11, 2009 9:47pm CST
If I had the knowledge that I have now about Life insurance I would be reaping great benefits from it. I would have received Great rewards if I had saved much more. Insurance can be used for helping in times of accidents,for critical illness like cancer, strokes etc. I have witnessed how a critical illness plan have helped friends when they were diagnosed with cancer. It can also be used for retirement and pension but many fail to use it. Many persons have some amount of resevations about life insurance and it is based on ignorance -not understanding the principles. Do you have any life insurance? Why not? Did you know that when you have this intrument when you are young you pay very little for many benefits? give your perspective.
1 person likes this
3 responses
@ronnyb (6113)
• Jamaica
16 Nov 09
Wll about seven years ago I got an increase in my salary and about that same time I used my increase to open an insurance policy .It was part investment which means that I would get interest as if it was a local money market instrument as well some insurance which would mature after a certain number of years.
Now that insurance has proved to be a life saver becase there have been times when I have had the need to withdraw some of that interest.Consequently I know that insurance can be quite a nice for of savings but it depends on the type of policy .Great discussion very informative
@audrey7 (232)
• Jamaica
17 Nov 09
I am glad that you have seen this benefit. You can also allow this same portion to continue grow by increasing it since there is the inflation 'Bug' so that the increase can be in harmony with the type of monetary economy that exist. Or you can take some from this policy and open a straight investment one for fifiteen years and you really see good returns.
In my sister's case she was able to use the investment portion and make a deposit on her first car car. for a former student she was able to pay her tution for her first year at the university. Imagine that!
@KrauseHome (36448)
• United States
23 Nov 09
As far as I know, I do not have a Life Insurance policy for anything, but my husband does. I would think in order to use it for some of the things you have mentioned here, you would have to either be older, or have these type of things included from the beginning as well, but this is something to look into for sure if you ever need it.
@Phlamingho (7825)
• Denmark
12 Nov 09
I have life insurance thourgh my work so yes. I think it's an important thing to have, especially if you have a family. YOu have to make sure they are ok even if something were to happen to you.
