Multiple retirement insurance

[Setho]

Immediately when I was giving my employment letter to start working in this place I was approved that the hospital has already enrolled me for a retirement plan. I immediately went through the terms and then I realise that it is not something I can depend on though they are going to be removing a good part of my money. Do you advise that I have a backup insurance?

 

[Alexandoy]

If the insurance is about the retirement plan which is the big sum that you will receive when you retire then you can open an account with an insurance company for that purpose. However, it is your money that will pay the monthly premium which, I believe, would be quite high if you prefer a bigger sum for your retirement.

 

[Good luck]

I don't know if it is possible to have multiple streams of retirement plan.There should be a system that takes care of insurance in pension fund.Why would someone have multiple insurance retirement plan?You insure things for future not now,so why would one have lots of insurance plan.It is good to have insurance policy for pensioners but not as much as that.