Insurance - life saver!

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5.9K followers

This is a really serious thing so PLEASE just READ and UNDERSTAND

Many Many Many years ago when I first got married I took out a life insurance policy that would give money if myself or my wife were killed and also would give a pension when we retired. I paid it for about ten years but then got divorced and forgot all about it as one does.

Two years ago when I stopped working I retired and claimed my pension which I got many months later and worked out to 250 GPB a month. Last year when things got really tough for me I was looking through my papers and found my old life insurance policy and decided to see if it was worthing anything.

Well to cut a long story short after a couple of months I reviewed the sum of 280 GBP per month. This gives me a total of 550 GBP per month to live on. Plus I was able to get a small lump sum as well which paid for my WA fees for the past year and also bought a few things we needed for the village.

My first point is that I only paid a small monthly payment for ten years and then stopped paying BUT because of the way it was set up it gathered interest over all these years and is now a complete life saver.

My second point is PLEASE do not rely on getting your retirement pension because it will not be enough !!! PLEASE invest in an additional pension scheme as this will protect you and will help when you retire!

Do not think it just do it!!!

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Recent Comments

71

Great Advice

Yes so it!!!

Fantastic, thanks, Paul

Just do it buddy

Great advice, I have always said "Never rely on one single source of income."

This day a age, if you have to will then there is a way.

I have had many adversities to overcome and if I can do it anyone can.

Thanks Paul

Shane

Hi Shane and really is the way to go

Thanks for sharing.

Happy to help

Thanks for sharing, Paul.

I hope you are covered!

Paul,
I have always been told to have multiple streams of income when I retired. I have four incomes without anything from my website. This actually pays more than when I was working. Start planning early.
John

Absolutely and great to hear

Sound advice Paul for the younger generation.

Yes for anyone in fact

Oh so true Paul. Thanks

You are welcome Dennis

I just read in a financial blog I get, that a recent survey showed 1 in 4 baby boomers have less than $5k saved for retirement.
That would be 2-3 months of expenses at most.

Yes I know as all my savings have gone and I am living on my pension!!!

Have already done that Paul and it allows me to comfortably live the WA lifestyle.

Good man!!!

I have a pension and deferred compensation plan through my job.

Understand but this is something that I took out separately because how safe is the job???

I work for the state government, and my job is secured through a union. I am safe from lay-offs. I would need to commit a very serious offense for me to lose my job.

Nice one but think of an additional!

Good advice. I have a long ways to go before retirement, but when I generate more income from my other sources, I will contribute more to my retirement.

Yes really is worth it!

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