5 Ways ILPs Can Help You With Wealth Accumulation
Wealth accumulation is the key to achieving financial goals. However, what holds more importance is the fact that it can safeguard your funds so that you can benefit from it in a time of need. Keeping in mind the fact that such exigent times can arise at any time in life, the best way to accumulate wealth and keep it protected to achieve your financial goals is to buy a good and flexible investment linked plan. Let’s take a look at 5 ways investment linked plans can help you with, when it comes to wealth accumulation. • Invest and protect your wealth at the same time: An investment linked plan gives you the benefit of investing and protecting your wealth all at the same time through unforeseen life events. For instance, Chris is a father of 2 kids who runs a successful business worth $400m. In order to expand his company, he invested substantial savings back into the business. Chris now wants to scale his wealth but is worried that he might lose his investments because of the market fluctuations. But with a single premium payment to a good investment linked plan, he not only gets his wealth safeguarded in case of his unfortunate demise during a market crisis, he has also ensured the growth of his wealth.
• Flexibility to change the coverage and choose how to invest: A good flexible investment plan gives you the flexibility to adjust your coverage as required and modify it so that you can switch funds. Some flexible linked investment plans also allow you to make top-ups and partial withdrawals. You could also choose to pay a single premium which is a lump sum amount or can pay regular premiums for a term of 5, 10, or 15 years. • Safeguard your wealth for your loved ones: A flexible wealth plan allows you to change the Life assured so that you can pass the life coverage to your loved ones in the form of legacy. Through a flexible investment plan, you can also employ beneficiary nominations to avert any delay on validity and distribute your wealth so that your loved ones can use those funds during pressing times.
• Secure maximum coverage and stay safeguarded with incremental coverage: A flexible wealth plan also locks in the highest daily value of your investment linked plan. This means that in case of an accident or death, the coverage you have opted for is locked in at the peak of its value. This coverage also increases by a certain percentage every year, hence keeping you covered financially for your future. • Option to make partial withdrawals in the times of need: A flexible investment plan allows you to make partial withdrawals especially during pressing times. Also some good investment plans do not levy withdrawal charges provided you follow some terms and conditions of the insurance company you are buying this investment plan from. Want to buy a flexible investment plan that will help you accumulate wealth and is safeguarded at the same time? Speak to your financial consultant today!
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