Investing. What Is The Different Between Pension Saving And Life Insurance?

Investing : What Is The Different Between Pension Saving And Life Insurance

i plan to buy for my personal insurance but i have no idea which one i should go for. Is that everyone of us need to have saving insurance to make life be protected? My friend suggested me to go for the pension plan , but some of them they not agree why should i go for any insurance saving. I have a confusion now. ~~~ nothing ventured ,nothing gained ~~~

Best Answer To Investing Question

Insurance is generally used as a risk reduction tool. Life insurance is generally used to ensure that you meet your responsibilities to other people. If you have someone that depends on you to live, like a child, an old parent, you need insurance. If something happens to you, they will have some money for them to use. There are other ways insurance could be used. If you want a high return, insurance is not the way to go. Some suggests that getting "term" insurance and investing the difference. Pension plans are used to plan for your retirement. The money that you put here will generally have a higher return and you should be able to use it when you are already retired. This should replace your current income when you will not be working any longer. For a more detailed explanation, you can go to several financial planners to let them explain the difference. Dont be ever pressured to buy from financial salespeople. There are also many information on the internet that are available you just have to read them and put in a little time.

All Answer To Investing Questions

Answer 1

Insurance is generally used as a risk reduction tool. Life insurance is generally used to ensure that you meet your responsibilities to other people. If you have someone that depends on you to live, like a child, an old parent, you need insurance. If something happens to you, they will have some money for them to use. There are other ways insurance could be used. If you want a high return, insurance is not the way to go. Some suggests that getting "term" insurance and investing the difference. Pension plans are used to plan for your retirement. The money that you put here will generally have a higher return and you should be able to use it when you are already retired. This should replace your current income when you will not be working any longer. For a more detailed explanation, you can go to several financial planners to let them explain the difference. Dont be ever pressured to buy from financial salespeople. There are also many information on the internet that are available you just have to read them and put in a little time.