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Is it worth spending money on life insurance?

Life insurance is a reliable financial cushion, piggy bank, and additional income. What you end up giving yourself and your family is up to you.
Is it worth spending money on life insurance?

Risk life insurance and its features

The benefit in risk insurance is made in case of insurance event. Many things can be insurance event, such as disability, injury, or illness. Therefore, support is so important; it can be in the form of claim payments. You can take a time out, get cured, and provide your family with a decent standard of living during disability with this money. Sounds good, doesn’t it?

Endowment insurance

Savings programs combine the processes of creating savings and insurance coverage. It may be said that this is an upgrade of risk insurance, a two-in-one cocktail. It combines payouts in case of insurance event and accumulation of funds.

There is such a term as survival in endowment insurance, when you have lived to a certain age and nothing has happened to you; the best outcome insurance. And though the word “survival” does not sound very good, it has a very pleasant meaning. It is great to get paid just for being in good health and secure a stable future for yourself.

Investment insurance

Another type of life insurance is investment insurance. This is an opportunity for a high return on investment and insurance coverage. The main difference between ILI and ULI is that the return in endowment is guaranteed and specified in the contract. There are no guarantees in investment life insurance. Only the invested amount will be returned 100%, the rest depends on the situation on the stock market.

The insurance premium is divided into two parts. One part earns, another lies and waits for insurance event.

Not only you will secure a stable future for yourself and your family but can also earn money.

Two more pros are a special legal status and right to tax benefits. It turns out to be not an ordinary investment but investment with a privilege, because part of the invested funds can be returned using the social tax deduction on PIT. Besides, the money for insurance will never be confiscated from you, will not be taken away during a divorce, could not be seized and taken in court. This is the most powerful asset protection in existence.

Source: https://journal.tinkoff.ru/strahovaniye-zhizni99/

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