Your Questions About Advantages And Disadvantages Of Investing In Life Insurance

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Daniel asks…

What are the advantages/disadvantages of Life Insurance?

Just in general, what are the pro’s and con’s of investing in Life Insurance

financi4 answers:

Depends on your circumstances and your age/financial situation. I don’t have life insurance, but I have a decent IRA. If I die, (since I am a breadwinner but not the primary breadwinner) my husband gets my IRA which will MORE than cover my death, expenses, etc.

Now my husband who is the primary breadwinner DOES have both a 401K(TSP)– (IRA) and sizeable life insurance.

If you’re young and don’t have any bills/ or people who will be adversely impacted (financially) by your death, I would say just have a will & some money to cover your funeral. Instead, start putting money in a retirement plan while you’re young.

Once you get married & you are the primary breadwinner, you should look into Life insurance as well.

Steven asks…

Can i invest money in lifelong pension plus, a traditional scheme of SBI life insurance?

the agent is telling that the interest of life long pension plus is 14%,ie, if we invest 1 lakh/year for twenty years, we will get 1 crore, at the time of maturity. is this 14% interest is fixed, or will it be fluctuating? i need the advantages and disadvantages of this scheme?

financi4 answers:

Don’t invest in insurance. Take pure term plan & invest in PPF, MF.

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