Life insurance Buying Life Insurance Policy as a Saving Scheme

[Alexandoy]

A neighbor who works in the same office of my wife's had offered an insurance that takes only 2 years for the build up. It is a life insurance that matures in 2 years that you are insured only during that period. At the end of the period the premium that my wife paid was returned with a corresponding profit. That can be a good example of this thread.

 

[Augusta]

This really shows that you can use a stone to kill two birds, I think buying a life insurance policy comes with a lot more benefits than other policies apart from the coverage, others might not have other outstanding benefits. I will like to use this as my saving scheme for my future

 

[Jasmine]

The main idea behind buying a life insurance policy is to get financial coverage when you encounter accidents, or have major health issues, however, life insurance also give you a lot of benefit after the term ends. You will get insured amount plus other bonus as well. Longer the term better the benefits.

 

[sincerem]

Life insurance policy is an option to be considered by anyone. If you have the funds you can simply go into it, because know one knows what the future holds, the future is always full of mysterious things, that's why we don't need to lag when it comes to securing the future when unheralded circumstances occurs.

 

[Jasmine]

If you have bought a life insurance policy, you will have to pay premiums no matter what, otherwise, your policy will go lapse. IN order to stop that from happening, you will continue to pay the premium. By doing so you will be doing mandatory saving. If you cannot make a regular saving, life insurance is the best option.

 

[Wisdom01]

You are definitely right and I think since the person does not want his policy to elapse , I think he or she would actually want to pay his or her premium very fast to avoid losing any money , so it's part of saving and a more convenient way because it's compulsory you save the money , and not postponing like the normal Saving scheme

 

[btaliat]

A neighbor who works in the same office of my wife's had offered an insurance that takes only 2 years for the build up. It is a life insurance that matures in 2 years that you are insured only during that period. At the end of the period the premium that my wife paid was returned with a corresponding profit. That can be a good example of this thread.

This is an apt description of the importance of this thread. One only needs to choose a convinient time that he wishes to have his money matured with the insurance company. And after this stipulated time, he can collect the money to use it for maybe investment. All these won't be possible if not for the insurance scheme.

 

[Nite]

Many people are unaware of the fact that life insurance can be a wise way to save money. For regular income earners it can be of great help, as they have a family to secure and has more responsibilities on their shoulders. With the interest added on your savings, you'll be able to meet your financial goals at every stage of your life.

 

[btaliat]

Yes that is true. Some people buy life insurance especially life term insurance which can be served as a saving scheme because it is to be collected after some specific time. Though I don't see this as proper. This is because it is even better to just invest instead of saving.

 

[Nite]

Many people are unaware of the fact that life insurance can be a wise way to save money. For regular income earners it can be of great help, as they have a family to secure and has more responsibilities on their shoulders. With the interest added on your savings, you'll be able to meet your financial goals at every stage of your life.

 

[Mika]

Generally speaking, people buy a life insurance policy to cover loss and damages. However, not many people realize that a life insurance policy is also a way to save money.

For many people, regular saving is simply not possible because they are not earning much and they have high expenses. However, if the same person buys a life insurance policy, he will have to pay premiums regularly. If he does pay the premium, his policy will lapse and he will be losing a lot of money (premiums he had paid previously). Therefore, in order to avoid lapse of the policy, the insured person will continuously pay the premiums until maturity.

Let say you pay $100 as a premium. It might not be possible for you to save $100 regularly, but you will surely pay a $100 premium. By paying a premium, you are also regularly saving money and upon maturity, you will get everything you have paid plus the bonus according to the insurance term.

 

[Mika]

If you are scheduled to pay your premium yearly, I think you can manage to pay your insurance premium even if you do not hve a regular jobs. You will have to continue to save from what ever amount you earn in order to pay for the premium. If you have zero income for throughout the year, that's another matter.

 

[Lens1000]

Sometime around last year, I terminated a life insurance policy when I needed money to expand one of my offline business. I was paid handsomely but was charged certain amount for terminating the insurance contact untimely . This is one of the usefulness of insurance policies and it's of great advantage to me back then. If we could have it at the back of our mind that insurance could be a means to create fortune the better.

 

[Chibson]

If you do not have a regular income, you can do nothing in terms of building your saving, investing, or even buying an insurance policy. Using insurance policy as a saving scheme is only for those who have a regular income but can not save regularly due to some unseen circumstances.

Definitely, buying an insurance packages only for people that have regular income because they have a lot of things to protect and they can also be able to buy it and renew as the case may be. I think people that don't have so much can also go into especially government owned insurance companies.

 

[Phabbyfundz]

Insurance schemes or policies are also among the good ways or may I say reliable ways to save money. But many have fallen in to the wrong hands and have seen their investments or money stashed into insurance company carted away without any notice because they have failed to carry out the necessary investigation and researches into the said company before putting their money in it.

 

[sincerem]

That's a reasonable one from you. People don't know about this, that insurance is a source of investment for the future. Through payment of each policy plan we are indirectly saving our funds with the company without following the formal way of saving in the bank, then wait for it's maturity.

 

[Mika]

If you do not have a regular income, you can do nothing in terms of building your saving, investing, or even buying an insurance policy. Using insurance policy as a saving scheme is only for those who have a regular income but can not save regularly due to some unseen circumstances.

 

[kayode10]

I don't subscribe to the idea of using insurance as savings. someone do nothing necessarily need insurance before they could start engaging in service perhaps for unforeseen circumstances. someone who find it difficult to make regular sales might also find the difficulty paying premiums. Saving is an habit not an act.

 

[Jamoflondon]

I think this is actually right, I agree with this explanation, if we take a good look at this, you will notice that life insurance is more like a savings for future purpose. And this savings also comes with some interests. I think the short term life insurance is more better for this savings plan

 

[Mandy96]

Yeah that is true, the difference between a regular savings and an insurance savings is the interest. In a regular savings, you don’t get any interest but if it was an insurance savings, definitely your money will have added interest by the time you get your compensation from the insurance company