For a while now, writing a will and drawing a life insurance has been on my to-do list, merely as things to do as a diligent parent.
We have savings + 3rd pillar both regularly filled up and invested. The tax saving potential of the 3a is used and I am seeking answers to how best tackle the life insurance aspect.
Majority of threads in the forum suggest that life insurance 3a has downsides - early withdrawal for purchase of property is penalised as this is, by design, a long-term product. Just as well, the potential gains are very low, as this has no investment element compared to the bank-account-3a which can be invested with limited success in dedicated instruments and still earn more.
My questions to you fellow members:
- life insurance vs the money freely invested in kids' names?
- life insurance coverage: how much is "enough"
- tips on drawing a life insurance?
- good companies that come to mind? Is AXA one of them?
As usual, far from believing my questions are exhaustive, so if something comes to mind that you think is worth considering - please share it.