once you get rich, you can make more and more money more easily because you got the know how, wherease middle class is still waiting for their toto to strike. Get it??
As what they common say about insurance, its a monetary risk-diversify tool.
i dun mean to be elitist, but really, i know many people are not really ambitious and savvy with their money and plans in their life.
Btw, I am also a poor man but with big dreams.
january, may I know your age?
Your statement is not elitist. Financial planning is a necessity. Cannot allow the maximum interest rate to be only at 4% in CPF special acct... The possibilities of having more than that is really a lot...
Although I am not starting rather late, I really aim to have sufficient passive income to not work by 20 years time...
Originally posted by eagle:january, may I know your age?
not young , not old, 26 like that.
Originally posted by january:i pay premium to prudential every month. when can i get it back if i dun die so fast.
i prefer to use the money for investing or spending leh...
put there then when can get back, especially if i dun die prematurely....
someone pls enlighten me.
if you know you're not going to die prematurely (but the question is do you really know), then why bother to buy a life insurance?
you don't seem to understand the concepts of insurance and how it works.
also, you don't seem to understand financial matters well. suggest you read up more before you invest your hard earned money.
Originally posted by sgdiehard:When can you get your money back, the straight answer is only when you die, if you don't die, then you pay until you accumulate enough cash value for the policy to pay itself, you can also borrow money from the cash value.
The other answer to your question of When can you get your money back is How much money have you paid? If you only paid premium for 2 to 3 years, then it is money spent to protect you over these 2 to 3 years, if you stop paying, policy lapses, no money.
Where is your agent? Insurance today is developed with many different products with varying level of investment and protection. Besides life insurance, endowment, there are unit trust, critical illness, ..... A normal people, especially without financial background will find it difficult to understand all these products, what it protects, its returns, cash values.... Today even the bank is selling because the bank knows that you have FD....
Suggest you find a good agent, don't just look for the young and pretty ones, chances of them staying around in the industry is not long. Insurance agent is supposed to do financial analysis on your case before coming up with recommendation on what you need, it is not what you want. Then it is up to you to decide.
<... you pay until you accumulate enough cash value for the policy to pay itself, you can also borrow money from the cash value.>
if i don't remember wrongly, i think they charge you interest for using your cash value to service the policy.
if you borrow money from the cash value one should be reminded that the interest rate is rather high, something like 8%.