It's time to pay for all the whole life insurance premium again!
Although buying some whole-life insurance is essential for your after-life, it is alwats heart pain to part with $X,000 amount annually to the life insurance company.
With the life insurance companies in Singapore, you can pay up anytime within teh grace period (usually 30 days after the premium due date), before the Automatic Policy Loan (APL) kicks in. Hence I call this the free 30 days credit terms.
Why pay up so fast since you can collect the insurance payout either anytime(hopefully this day will not happen to anyone) or when you surrender the policy years down the road?Keep the money for the insurance premium longer in the bank to earn interest for one more month.
At least you can squeeze a few cents out of this amount before losing it.A few cents over years, with the compounding interest bullshit theory used by the finanical adviser trying to sel you an investment-linked policy throw in, can be quite a nice looking amount many years later.
It's a fine dividing line between a cheapskate and a stingy. I'm proud to be a cheapskate! You can be one, starting today too!
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