Saturday, 6 March 2010
The Best Gift To Your Child
Your insurance agent told you that the best gift to give to your children to buy a Child Policy while it is cheap and let them takeover the premiums payment when they start working.
No, No, No!
The best gift to give to your children is not Child policy but to start planning for your own retirement fund as soon as possible and accumulate enough retirement fund to see yourself through the last day of Hotel Earth.
Read? Parents can be an Asset or Liability to the children?
Read? Tips On Child Life Insurance - Part 4
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Actually, I mentioned that there are limited premium whole life plans, which is rather cheap because of the age. After paying for a chosen 15 or 20 yrs, the payment will stop and the child is insured for life. The child do not even have to service it anymore.
ReplyDeleteBuying a child insurance protects yourself because if the child kena any of the covered illness, you do not have to cut your retirements funds to pay for medical fees. I know there's h&s, but that is only for used if hospitalised.
I do agree that it's impt not to become a liability for your child. Therefore, I would work extra hard to cater for 3 generations of pple - parents, myself and child.
It's not easy at all, I must say.