Most people get their first piggy bank when they are 7 or 8. The joy of primary school sets in kids such a joy that they feel like they can rule the world – and they probably could only with their amount of energy. Some started with coins – not much, whatever change your parent had from the trip to the supermarket, the local shop or the school cafeteria. After putting together some money, sometimes even before, kids would set a goal and decide what is it that they wanted to save money for. Guitars, stuffed animals, candy, puppies… The list was infinite. In some houses, they even had a system of saving for a year, open the piggy, and then count to check what could be bought. Well, adults have one with a different name (no, it’s not money box).
An endowment life insurance savings policy. Just like kids “feed their piggy” with change regularly, adults do so too. Life insurance with endowment savings can provide just that for you! Endowment life insurance policies are designed for you to pay a certain monthly sum, previously accorded with your company, and let it grow for years, even decades, or up to a certain age limit. Once life insurance with endowment savings is arranged, you have the option of determining when the piggy will be opened: at the moment of your death, in case of falling critically ill, or when you are 80 years old so you can travel the world (you never know!).
It’s meant for anyone who wants to save up a certain amount of money in the long run. Some of the common types of contractors are:
Let’s use an example: Eric is a 23-year-old man. He just graduated from university and found a well-paying job. He would like to secure something for when he is old, but he has problems making ends meet. Whenever he goes out, he almost always spends everything he’s got and forgets to put some away for his retirement. How would this plan benefit Eric? Easy! By paying a certain amount into life insurance with endowment savings plan on a monthly basis, he could forget about saving for the future because the plan already does it for him. He can focus on the amount of money that he has and how he wishes to spend it at the moment. Different endowment life insurance policies provide various withdrawal conditions, so make sure to decide on yours before opening your life insurance with endowment savings plan.
Some people are more anxious than others regarding where they invest their money. If you survive the term agreed on your endowment life insurance contract, then you get the sum assured; it serves as both an insurance and an inversion.
Yes, it is possible, but you will have to pay a high fine since it’s a violation of the contract. It’s recommendable that you consider beforehand if this is the right policy for you. Some important questions to ask yourself: will this allow me to save for my or my family’s future? Will the sum assured be worth as much as a life insurance would be? Is the endowment life insurance covers enough for my needs? Remember: you don’t need to fit a plan, a plan needs to fit you!
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