When I was a young fellow this insurance salesman walked into our training school and virtually signed us all up individually for a insurance policy. I knew nothing about insurance or investing.
The deal was that you pay $2 a week and should you die your family would get a death benefit of around $7,500. It was an Endowment Policy with bonuses and if you made it to the maturity date you get that amount.
So as an experiment and as a committed long term investor I paid my $100 a year for 39 years. Now it has matured and I cashed it in.
Over 39 years I paid in $3,900 and at cash in I received $8,400. I held out all this time. Do they still do these policies?
When I went to get some documents verified the verifier was an insurance salesman back in the 70's, he said to me, "you got to remember you had life insurance throughout that whole time and it was a saving plan at the same time" I also asked my ageing Mother what she thought about it, she said "it just goes to show that even $2 a week turns into a nice little something"
I don't know why I even bothered to write this but back then there was a lot of negativity around. I suppose it's a bit like the negativity surrounding Super now. What's peoples thoughts? Good deal or a bad deal? Really, I think just doubling your money in 39 years is lousy but there you have it. Cheers.