I recently re-balanced the family's insurance schemes. I remember just when i was just starting out, my cousin once told me to buy only Term + Critical illness insurance. I didn't listen and bought an investment linked plan from one of my friends (he played the friend card, which is annoying). They guarantee you 3% returns or something similar, along with coverage. I bought the Manulink Flexi plan on Nov 1 2008, and had it for 89 months (7years, 5months). Monthly premium was $206.59. Total Premium paid was $18386.51. I remember getting back only around 11k when i surrendered this policy. Basically I paid $7386.51 in total for term + critical insurance coverage for the 7+ years, about 1k per year. Looking back, i did not require such coverage as i didn't have any dependents. Lets see the figures comparing what i would've otherwise gotten, had i invested in a stable dividend stock/reit, since the premise is that this policy is not necessary. I'm looking at a t...
To document and reflect on decisions in my life. To generate passive income and invest for the long term. A lifestyle and documentary blog by Mr EOR.