Life Insurance: Pure Life & Endowment Policies - Money Wise With Rina Hicks (@Rina_Hicks)

[@dmubiru99]

Rina, endowment policies combine two components: insurance and Investment. The insurance component basically protects your investment component. Say for example you become disabled or pass on, and depending on the terms, the policy remains in force till the maturity period.... That way the Investment component keeps going without being interrupted by your life inventualities.

[@farzeenwilson]

Rina, I am so pleased to hear your take on insurance. Term life is a cheap option and like you said insurance and investments are not the same, no matter what any "financial advisor" says.

[@suzanmutinda1694]

Your response is good.adding to it.. Insurance is so diverse

[@frashiermwihaki7453]

Rina hope you see this comment and be able to respond .Endowment policies are purely packaged as an investment product.its a win win compared to term policies .if in any case of eventuality the beneficiary will be compensated incase the policy mature you get return on investment due to Bonuses over the years.the amount added to cover life cover and other accidental cover are very minimal but carry a heavy compensation in such a time

[@wamz9191]

Thanks for this explanation. It really helps. I was weighing the pros and cons of taking a term-based endowment policy and you're absolutely right. It's a win-win. Especially the part you said about the premium for the individual benefits vs. the payout. Very helpful.

[@imbukwa]

Thanks for the advice. Insurance is like a wolf in sheep’s clothing. It’s good to reread the fine print like 100 times from different insurance companies then see which policy suits you

[@derrickmuturi5343]

I would advise against term life as it will only pay you if you die within the term. The better option would be endowment policies. That way you're paid wether you die or not. Also, with an endowment, you can let it mature till you retire and then use the lump sum you get to buy annuities.

[@valentinechepkorir5729]

Very informative. Thank you

[@TheSamoanWatchman]

Amen girl!