Many people make the mistake of looking at life insurance as an expense. The truth is, life insurance is an investment! It is an investment you have made into yourself. When you purchase a life insurance, you are saying to yourself that in 20 years (or whatever your term limit is), I want to have SCR500,000 cash in my account. This is what an investment looks like.
An investment is basically you wanting to have something to show for all your hard work and years of working. In terms of ‘adult-ing’, having a savings goal and meeting that goal is an extremely important milestone. If SCR500,000 is your goal from the onset, then you have to do all you can to achieve it. Yes, this includes making the crucial sacrifices. But what are the sacrifices, really?
You have to take a good look at your monthly expenditure to decide what you can cut back in order for you to save a little. For many people, the inability to save has more to do with their lifestyle rather than the cost of living. Some may choose to go out twice a week, every month and spend more than SCR1,000 in one night. We are not judging this lifestyle, but we’re saying – yes, you can save some of your income and invest in your future, whilst enjoying your youth.
We have posted a number of entries in the past on life insurance and why it’s good for savings. Let’s recap here though: when you first started, your monthly premium was around 7% of your monthly income. You’re an ambitious person, you do not plan to stay static for years and years. As you progress in your career, this percentage decreases to around 2 – 3%. When you reach a certain age, whether you want to retire early or cash in your amount, you can even have SCR1,000,000 on your account, depending on how much you chose to save or the plan you selected.
Savings and investment is not just something rich people do, it is a way of thinking, a particular mentality. We acknowledge that Seychelles can be expensive and with the cost of housing and other expenses, not many people will be able to afford a decent savings plan. Which is why we have different savings plan which meet your specific needs.
Talk to us today and learn more about life insurance!