Life Plans, Pre-Need Plans, Health Insurance, Why You Need Them.

If you’re only a person looking to save enough money so you could spend for something in the future, own your own house and a car and provide for your children in the present, you’ll need to understand more about the financial products insurance companies and other financial institutions provide. Sure it is discouraging to hear news about insurance frauds, but investments always carry a risk. I actually think the stock market is more dangerous than insurance.

I’m about to reach my retirement at fifty years old. I’m working for a technology firm that I’ve helped build from the ground up. When I was 25, I thought of investing in the stock market, but then I realized I had very small capital. The company told me they used some of my money to pay for my family insurance. I had two kids coming up then, so they told me I should get pre-need plans for them.

Pre-need plans helped me finance the future education of my children. Educational plans included health plans and sometimes even allowances for the kids, which took a great load off the combined income my wife and I had.

We were paying around £7000 each for their pre-need plans when my wife and I were still young. Then my wife and I thought about retirement, so we allocated around £8000 monthly for our pension, each. So it made about £30,000 monthly, leaving my wife and I’s joint income around £150,000 yearly. A small amount, but then, we got to pay for the mortgage with that budget.

Sure the figures might look small, but if you know where your money is going, you won’t have to deal with the stock market and just live a good life right after your employment.