A couple of days ago,I wrote about how important a term insurance is in our life. Besides this insurance, we also have an insurance where we can save money for our son. I don't know exactly how that insurance policy is called.
Every month we pay 50 euro. IF something happen to us and we would BOTH not be able to pay the monthly fee anymore, our son still can go to school because the insurance company will take over the payments to save money for our son until the expiry date, meaning for example: If the money is 'locked' until his 18th birthday and we are both no longer capable of paying the fee( for whatever reason), the payments wil be done by the insurance company itself and when our son turns 18 the company will contact him :D the money is a garanteed amount.
Do you have that kind of insurance for your children also???
1 comments:
I spent 23 years selling insurance - this is a type of endowment policy and a very good idea for the purpose you intend. Final payout though will depend on the bonuses paid out. For years in the UK these went up and up and then a few years ago they crashed and some payouts were a lot less than predicted. Now the big industry is putting in claims for mis-selling but for the most part they were not mis-sold - it is only in the hindsight of financial crises that they turned out be not the best option.
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