Are you looking to supplement your income? With the current shape of the economy, this makes sense. Maybe you have a daughter or son that is due to hit college in the next few years. Perhaps, you are little to earn a little extra money to buy that dream car. Whatever the reason for the need of money, it doesn’t really matter. What matters is how you earn that money. In the era of online retail, there is no denying that there are plenty of potential earning opportunities online. However, if you are one of those individuals that frequently buy things without needing them there is a good chance that you might be able to financially benefit from an endowment policy.
Understand What An Endowment Policy Is
Of course, it probably goes without saying that the first thing you need to understand is what an endowment policy is. An endowment policy should really be thought of nothing more than an insurance policy. It is a life insurance policy that was specifically designed to pay a lump sum after a specified period of time. This could mean after you are dead or when you are still living. For instance, with an endowment policy, you can collect life insurance money while you are still living. In addition to this, you can collect the entire sum paid throughout the policy and there are no limitations on how you spend this money.
Know If The Policy Is Right For You
Right now, you are probably thinking that an ocbc life insurance with savings plan sounds pretty good. Well, it is for some individuals. For others, not so much. If you are a doctor, salaried professional, businessman, or a lawyer there is a good chance this policy is right up your alley. This policy is also good for individuals that have trouble maintaining constant savings. When you are in need of a lump sum of money, you can always use the policy towards retirement, children’s educations, or buying a home. However, there are still some individuals out there that wouldn’t benefit from this type of policy. Make sure that it suits your means and lifestyle before making the full investment.
Can Be Applied To College Tuition
There is no doubt that colleges and universities are continuously increasing student tuition. The purpose of these increases is to keep up with the rising cost of maintenance and employee wages, as well as demand. If you have an endowment policy for your child, you can utilize the funds for his or her college tuition. Depending on how much you save each month, you could end up with enough money to pay for several semesters of tuition, room and board and books. This is a fantastic life insurance policy for children, especially for those who plan on attending college after high school.
Monthly Payments Are Fixed
Unlike some types of insurance policies, endowment life insurance policies come with guaranteed fixed monthly payments. This means once the monthly payment is decided, it is guaranteed to never change. This level of consistency is something most consumers demand with life insurance policies.
Hari Prasath has been a full-time Internet Entrepreneur and Life Hacker since 2014. He is a self-taught web developer and Marketing expert building many Online Businesses and testing greatest strategies with Clients during the day and at night, build Niche websites.