Life insurance is becoming popular to a large extent due to endowment programs that combine insurance and investment. When concluding an endowment life insurance contract, a client can insure his health and life against unforeseen situations, as well as accumulate money with a high annual interest rate in foreign currency.
The interest rate on a foreign currency deposit usually does not exceed 1%, while under the endowment program it is 4%. Besides, in case of dollar deposits, the rate can change unilaterally, but with endowment deposits it is guaranteed for the entire period.
The money from a foreign currency deposit can be confiscated by a court decision. The endowment funds are not subject to recovery in court proceedings. The benefit to heirs upon death of the policyholder is paid within 10 days; the benefit on foreign currency deposits is six months after receiving the right of inheritance. The amount under endowment program is not subject to division in case of property disputes.
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