Is it possible to make money from insurance policies? This is a question that many people find themselves asking with no concrete answer provided them. If you have also wondered if it is possible to make money through insurance, the answer is yes, you can make money through insurance under certain circumstances if you have a finance expert or insurance specialist to manage your investment. That is the word for it, you make money through insurance only through long term investment that is spread over a couple of years or more.
But you do not just make money from insurance; you have to invest in particular insurance plans that are designed to provide ROI for investors. And it must be emphasized once more, that making money through insurance schemes is a long term investment and must only be managed for you by experienced finance experts in the insurance industry. With this in mind, you can make money in insurance through the following options:
a. Health and Life Insurance: With life insurance, you benefit for deferred incomes when you sign up for a term insurance or a whole life insurance. What this means is that when you are saving through a term life insurance, you insure your life for say, 10 years, and start to get paid your insurance savings after the 10 years agreement has expired. You can get paid this lump sum once or get paid in instalments over many years to come. You can also do a term life insurance for the period of when your children will all complete their university education at which time the insurance contract expires and you start to receive benefits on your insurance savings. Whole life insurance on the other helps when you insure your life for the next 30 years or more till the end of your life, but you can quit this investment after say, 25 years and then start to collect your savings back in installmental payments or as a lump sum.
b. 401(k) Plans and Administrations: This is a retirement plan that helps to cater to your later years as a retiree. With this plan in place, you put save money while working through insurance with the aim that the insurance company would take care of your retirement and pension years without compromising on the standard of life you can live. This option helps you to build wealth over a long term period, especially when you are still active in career service, and then to fall back on this built-up wealth at retirement when you are old and weak. With this investment plan in place, you still get incomes throughout the entire period of your remaining years, and still get covered for health and medical emergencies. With this plan in place, you benefit from either immediate annuity plans or deferred annuity plans, where your settlement is either paid out at once to you or paid in instalments over your remaining lifetime or over a period of time.
Others ways of investing in insurance are:
c. Mutual funds
d. Stocks and bonds
e. Fixed and variable annuities
f. Long term care insurance