TheGrinchSR wrote:prahkeitouj wrote:Nowadays there are many insurance companies in Cambodia, but Cambodians still don't understand about disadvantages and advantages of being a member of it because we are new about it. I'm purchasing a life insurance from a company. There are many kinds of membership, but I decided to choose the cheapest one. I spend about 27 $/ month and I'll get my money back 5000$ in 15 years if there is nothing happen( still alive) to me during the membership. I think I can save this money for my holiday after next 15 years. I want to know that it's possible to get my money back after I complete it? Some of friends want to buy insurane but we don't know which one is reliable because we are worried about scam.
I know that most of you have insurance( health and life) so I hope you can share your experince about your insurance and give us "Scam alert ".
That's life insurance (both are a good idea) with a guaranteed annuity at maturity. The only downside of this kind of policy is that in 15 years time... $5000 won't be worth what $5000 is worth today (more like $1000-$2000 given local inflationary pressures).
If you were to put the same money into an interesting bearing account at 7% here... you'd end up with about $9000 rather than $5000 so you will probably need to decide if the life cover is worth it to you or not.
I'm going to agree with TheGrinch, but my advice would be to forget about insurance. If you want to get ahead in life get into the property market as soon as possible, buy the cheapest flat/house you can afford in a central area, but don't live in it,,, rent it out . You might think this is impossible to do, but with the rent you get plus your $$ input, and if you get help from your parents, [ or rich boyfriend ] ,,, you will have enough deposit and for a bank loan.
I can give you a couple of examples . When I first came to Cambodia, I rented a small place for $80 per month. I had only been in it for one month when the landlord told me she was selling it,,,,, So I bought it. Then 15 months later I sold it,, and it worked out it had gone up in value at $8 every day I had owned it..
Example 2
Two and a half years ago, all the new [ 6 bed ] houses in my street were selling for about the same price,
$71,000, I bought one.,,,, About one month ago, one opposite me sold for $95,000.
You do the sums,, but that's about an increase in value of $800 a month.
I could give another good example, but sorry, I cannot talk about it in public.
prahkeitouj,,,, you will never get anywhere in life if you work on a salary and don't take risks in investments.