Dear reader
In the South African context, it's important to clarify the terms being used first.
A "life policy" typically refers to a life insurance policy, which is designed to pay a lump sum to your beneficiaries upon your death. However, if by "life policy" you mean a life annuity, the response changes, so I'll cover both scenarios for clarity.
1. Life insurance policy v living annuity
A life insurance policy and a living annuity serve different purposes in a financial plan. A life insurance policy provides financial protection for your dependants by paying a lump sum upon your death.
This payout is often used to settle debts, provide for education, or cover living expenses.
هذه القصة مأخوذة من طبعة November 09, 2024 من The Citizen.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة November 09, 2024 من The Citizen.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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