DEPOSIT WITH BANKS OR TAKE OUT INSURANCE

When one day has a lump sum, what to do with that lump sum Some people choose to invest in business. While some people are not good at business Therefore looking for savings with annual interest such as regular deposits Or investing in stocks for flowering But now Savings in the form of insurance Is another way to save Instead of depositing money with a financial institution Which the difference between depositing money with financial institutions With the insurance that is different is:

Life insurance: If the insurer lives until the end of the insurance contract. The insured will receive a refund in the amount specified in the insurance policy. In which, if the insured dies within the period of the contract under the specified conditions, even if the insurance premium is not paid in full according to the number of installments specified by the insurance policy Insurance company Will pay the sum insured as specified to the beneficiary Which is an amount greater than the paid insurance premium While bank deposits, the depositor or the heir (if the depositor dies) will receive the same amount of money deposited with interest only

Deposit with financial institutions Can deposit Withdraw money or close accounts anytime the account owner wants Which the principal will be returned together with interest

While taking life insurance The insured must pay insurance premiums according to the premium payment period specified in the insurance policy. Otherwise, the insurance policy will come into force. And if wanting to cancel the insurance contract Will not receive the money that has been paid back in full. Generally, life insurance policies will start to have cash value when the policy has reached 2 years of age. Therefore, if there is a need to use money or want to cancel the contract in the first year Will not receive a refund at all Or if canceling the policy when the policy starts to have cash value back The refund amount may be less than the paid premium. In the following years, this amount will continue to increase. Until the policy matures, it will be refunded equal to the sum insured

Deposit with banks or take good insurance?

It can be seen that depositing money with financial institutions has advantages in terms of withdrawing at any time when urgent money is needed. But the interest on fixed deposits may be less than interest in the form of insurance While insuring, the insurer will be covered and if the premium payment is completed, the refund will be given at a higher rate than savings in the form of deposits with financial institutions.

Therefore, those who are deciding what money should be used to do during bank deposits or insurance Should divide the income into two pieces which are For bank deposits for withdrawal in times of need And for paying insurance premiums.

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