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An endowment policy is essentially a life insurance policy. However, it is the savings component that is usually top of mind rather than any coverage for death. The policyholder saves regularly through a controlled premium, and is able to realise a lump sum on the maturity date, provided of course, he or she has not died. In this way, endowment plans offer a disciplined way of saving money for future financial needs.
Saving is good. It’s always good. Saving for your retirement is more than good, it’s imperative. But oddly enough, people make more mistakes around their retirement planning than almost anything else. There are many slips you might make that lose you time and money along the way. Let’s have a look at what not to do when saving for your old age…
What is interesting is that many millennials are now dealing with their fellow generation when considering insurance. It’s also important to note that they will comprise 75% of the workforce by 2030. So their needs, priorities, and points of view are going to change the way many businesses operate – not only internally, but in the way interaction is conducted with clients.
When changing careers there is more than just your work to consider, there are also your benefits – and particularly your pension funding. Your retirement funding is the best way to save money; it’s a disciplined, cost-efficient structure that provides valuable tax benefits. So when moving from one company to another, or even to your own business, you would have to consider what you might be losing, but also the best way to ensure you don’t lose out on those important contributions.