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RE: QUESNEY 21 (Day 2): Money Conversations with Millennials and Post-Millennials
Just to update you @khimgoh , there IS a kind of "insurance-saving" exist in the Insurance sector.
Because of my journey acquiring my very first home after such a long time , I have found out that some insurance packages actually acts like a "forced savings cum insured coverage" for you. You can technically withdraw it (not all though) for emergency use while still have the insured benefits.
And that was what I did to take out some to cover my down payment.
However, this draw back is it doesn't really have a high yield interest because part of it would have gone to the runner fees, so your insured cash value might not be as much as you have pumped in from day 1.
Hi @littlenewthings yes I know that there is insurance-savings however, I really believe that insurance is really for protection plus like you said you can't withdraw without losing out something. This is very good to start with but I personally feel that it is essential to have cash savings! I can tell you good opportunities come when you do!
that's very true but the a lot doesn't realise it can be an emergency buffer, and they do not need personal loan or turn to along when they are stuck with no obvious options (like savings).
But never the less this set aside should not be their first choice.