Some of my friend would say that they would rather spend the insurance premium into something else.
I will have a different point of view..
For eg. if $3,000 is invested every year for 15 years, at tn annual growth rate of 7%,, i could accumulated approxiamately $75,000.
By paying $3,000 a year in surance premium, should premature death occur in those 15 years, my family will be better off, with the guarantee death benefit frim the insurance. So there is a trade-off between putting off insurance than investing in something else.
But let it be very clear about the role of insurance in personal financial planning.
Insurance serves purely as a protection tools.
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