Effective savings plans are a crucial element of any holistic financial plan. They offer avenues for disciplined saving, investment opportunities and tax advantages.
They help achieve important life goals like children's education/marriage, debt repayment and significant purchases like a house or car. They also offer protection and wealth accumulation.
Whether it is funding your child's education, buying a home or planning for retirement, disciplined savings through insurance savings plans can help you achieve the financial milestones that are essential to a secure future. These products also provide avenues for investment opportunities, which, when combined with your financial needs and personal saving habits, create a strong foundation to meet your life goals.
Life is replete with uncertainties, and unanticipated events like medical emergencies or job losses can leave you in financially precarious situations. Without a safety net, you may find yourself resorting to debt to deal with such financial crisis. Savings policies are a great way to build a financial buffer to support yourself and your family through such uncertain times.
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Savings premium policies offer protection and growth through a combination of the life insurance death benefit, an interest component and investment options. These policy types vary in their structure, cost and benefits, with some offering different ways to access the cash component - either through loans or withdrawals.
All of these features, along with the flexibility to select a lump sum or income payout option, make savings policies an attractive investment tool.
Depending on the type of savings policy, the cash component may be in the form of a fixed amount that accumulates at a guaranteed rate of return, or it can be invested in mutual funds to earn higher returns. For instance, whole life insurance and universal life insurance are two common permanent policies that have this feature, which is known as a cash value component. These policies are typically more expensive than term insurance.
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Many savings policies also allow you to borrow against the accumulated cash value, which you will have to pay back with interest, or you can choose not to repay the loan, in which case the death benefit will be reduced. Withdrawals from the policy's cash value, however, will reduce your death benefit and may also impose a surrender charge.
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