I am currently paying around 80 dollars for a 250K life insurance (includes critical illness and disability). There is a certain portion of my investment that goes towards the cost of insurance and the rest goes towards mutual fund investment. Depending on how the funds do, I get my money back after twenty years and the insurance stays for life. There is a four percent interest on the investment portion which allows me to withdraw the deposited money back even if the funds go down. However, the money is taxable upon withdrawal. Long story short, in the worst case I will have paid or made a few grand after twenty years but I’ll have insurance for life.
Are there any people who deal with life insurance here…do you guys have any pointers regarding premium rates, insurance types, withdrawl at maturity. Am I paying too much or too low?
Are there any people who deal with life insurance here…do you guys have any pointers regarding premium rates, insurance types, withdrawl at maturity. Am I paying too much or too low?