We wanted more forced savings for our baby's future, either for her education or whatever. My husband's cousin is an agent of PruLife UK and so we were introduced to their product called the Prulink Exact 10 Plus. It is payable in 10 years and we get market value for our money. It is an investment or forced savings with insurance. It is based on the market value of what you invested on, like stocks, bonds, or a combination of both. The payor gets to decide. The insured here this time is our baby, although my husband is the payor. But since she is still a baby we did not pay the additional rider for diseases and accidents.
The plan is payable in 10 years and is worth a total of $4, 000. But in the event of death, the insurance is already worth $8, 000. We like this set up because this is the minimum amount of investment. If we would like to increase our premium the following year, we can do so. However, once we increase it, we have to maintain that amount. We got the lowest becasue we are already paying the other company 2.5 times this amount. So this is just like additional savings for us.
What we like about this plan is that it's insurance worth is double. With our previous insurance plan that we also got for our baby, the amount of insurance claim is only the same as the face amount, or what we paid for. With PruLife, a 10-year plan is already worth double.
Additionally, their annual fees do not change if paid semi annually or quarterly or even monthly. Unlike other companies where there are adjustments or interests, theirs do not. For example, our annual fee is $400. We opted to pay it quarterly. Yet, per quarter we only pay $100 for a total of $400 a year.
Hopefully, if we have more money, we can save some more for our daughter so that there is enough or at least some amount when another baby comes along. They will share in it.