Savings Insurance
DEFINITION
Savings insurance, also called an endowment policy, is used to grow wealth. It can be either participating or non-participating, and both types usually pay a mix of guaranteed and non-guaranteed returns.
ELI5
It is an insurance product that also helps your money grow over time, with some returns that may be fixed and some that may change.
Other related terms
Lasting Power of Attorney (LPA)
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Trust
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Time Value Of Money
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Index Fund
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