Cheeky – yes, but very accurate if you know your own habits.
We all have some preferred method of savings. Some people have two accounts (one for savings, one for expenditure). Some have an investment fund. There are those still nostalgic about “the piggy bank” approach, while others still trust the “under the mattress” home banking.
Others prefer life insurance and here are some of the reasons why:
Long-term savings: Life insurance works well for long-term saving because the sum assured is paid at the end of the policy term. Although, you can access the cash advance policy, it’s not as easy as swiping an ATM card which enables you to have more discipline. The Sacos Endowment Assurance Plan is a great long-term life insurance policy.
Savings goal: How much do you want to save and for over how long? With life insurance, you can set your own savings goal. If you want to have SCR500,000 in savings in 30 years, you can identify the policy which helps you get there. You can do this with all our insurance plans, but some plans are more flexible than others. Talk it through with your agent.
Dual benefit: With life insurance, even if you pass away before your policy matures, the sum assured is still put to use. Your beneficiary does not only receive the amounts you have paid in so far, but the full sum assured you took out. This enables your family to have some form of inheritance after you pass. This is applicable to all of our life insurance plans. The Sacos Double Security Plan has the added benefit of paying your family twice the amount you insured. If you insured SCR250,000, they receive SCR500,000.
Survival benefits: Over the years, you will have needs and wants but not enough capital to finance them. It can be redecorating your house, taking a special overseas trip or a deposit for a home. Whatever your needs are, life insurance can inject money into your bank account at regular intervals. The Sacos Special Plan, the Sacos Exclusive Plan and the Sacos Special Special Endowment Assurance Plan allow you to receive payments at regular intervals. Your family still receive the full sum assured if you pass away before the maturity date.
If you have other saving methods, that’s great. It is financially prudent to diversify your income and savings plans. Call us on 4295000 or send an email to life@sacos.sc if you want to add life insurance as a saving option.
For added benefit, if you purchase any life insurance policy before the end of August 2021, you will stand the chance to win a free SCR100,000 Sacos Endowment Assurance Plan (terms and conditions apply).
