How You Can Use Your Life Insurance Policy As An Investment?
It is wise to know a few things about life insurance that sometimes creates confusion for people
.Actually insurance is a promise, contract or agreement between the payee or insurance holder and a firm or insurer, who is liable for returning the designated amount to the insured person or policy holder
.
In a developed country such as Australia a form of life insurance can be obtained by those living in the country and by foreign investors. The basic premise being that a lump sum will be paid out once the policy calls for it.
Many Australian families use life insurance as a future investment in case something was to happen. In Australia the trend of long term investment is higher than rest parts of the world and average income can also be higher, hence people believe there is more to protect.
Insurance can be purchased during the life of any individual, however the companies that issue these policies need to ensure they make a profit, to do this they formulate probabilities and decide what risks they are willing to take. For example it is harder for a person over the age of 60 to get a life insurance policy as their age will be a factor in how much money an insurance company can get over the years.
In truth; insurance can be used like a savings account as many insurance companies will buy back a policy at a reduced rate if you need the money urgently. This could be considered an investment, however in truth the company that issues the policy will be better off financially. Rather than consider insurance as a financial investment it should be seen as an emotional investment to keep you sleeping at night.
With the recent natural crisis" around the world such as New Zealand Floods, earth quakes and Japan"s nuclear disasters the cost if insurance has increased. Therefore if you had purchased a policy years ago you have saved on what the monthly cost would be in today"s dollars. This could be an indirect way of seeing it as an investment.
With many options of what you can do with an insurance policy it is wise to speak with a qualified financial consultant who will be able to put you in touch with the right advice or those who can further help you out. There are many options you can take once you take out a policy so it is best to consider them all and choose the one that will financially benefit you, your spouse, children and extended family. The funny thing about insurance is that is seems like a dry boring subject until you need it the most and when that day comes you want to be absolutely aware of what you are entitled to.
by: Neil
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