Your Money or Your Life

Wai Mun Fong and Benedict Koh

Chapter 17 in Managing Your Personal Finance:From Start of Career to Retirement and More, 2020, pp 115-122 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Dear David,Walking past a golf course one day, I was startled by a loud thud. It was a golf ball hitting a tree near me. “You know, that thing could have killed you,” said my companion. I picked up the little white ball and looked at it with great respect. Benjamin Franklin once said that in life, only death and taxes are certain. I think there’s no question in Franklin’s mind which is more certain. But while you can bet your last dollar the tax man will be on duty every 15 April, who can vouch that you will be alive and kicking next 15 April? Let’s face it: death can come at the least expected moment. And if that happens, who is going to ensure that there is dinner on the table? And who is going to pay off your housing loan? Life insurance can. However, next to not being insured, the greatest pitfalls of buying life insurance policies are being overinsured, being underinsured and being insured with the wrong type of policy. I will discuss the principal features of different types of life insurance policies with you…

Keywords: Personal Finance; Investment; Managing Money; Retirement planning; College planning; Borrowing; Buying Bonds; Investing in Real Estate; Estate Planning (search for similar items in EconPapers)
JEL-codes: D14 (search for similar items in EconPapers)
Date: 2020
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