Apr 15 2010, 05:56 PM
QUOTE(ruztynail @ Oct 18 2008, 02:58 PM)
i don really get it actually..
why pay insurance now? whn u could pay later.. i mean like as u get older u pay a higher premium i get tat.. but why pay now!? isnt it abit like a waste of opportunity cost? we could use the money and invest it somewhere rather thn pay for insurance.
can someone enlighten me about this? my parents jus transferred one to me which thy paid since i was young.. to me i think its better if i pay later thn now..
"IF" you have the chance to grow old.why pay insurance now? whn u could pay later.. i mean like as u get older u pay a higher premium i get tat.. but why pay now!? isnt it abit like a waste of opportunity cost? we could use the money and invest it somewhere rather thn pay for insurance.
can someone enlighten me about this? my parents jus transferred one to me which thy paid since i was young.. to me i think its better if i pay later thn now..
Added on April 15, 2010, 6:15 pmwhen I just started my first full time jobs. I had ~$500/ months policies. Some are forced saving, investment, critical illness, life and medical. Most can get the money back at certain time (about time for my elder to enter uni). It is more than 30% of my pay that time. Today is about $800/month.
Think about who depend on your income for food, school fees etc to gauge how much you need to protect them (not you). That's why I buy insurance, not for my retirement. I rather buy property that generate rental for my retirement as that is more reliable. Today you talk about you need $xxx for retirement, are you sure 30 years later you still can affort a roof over your head with that money? Cover your short and mid term, forget about retirement saving talks by bank and insurance.
They want your long term money so that they can gamble(or invest) and pay for their CEO. look at the last financial crisis, some old folks lost all their retirement fund!
This post has been edited by r1v3r: Apr 15 2010, 06:15 PM
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