Few days ago, I happened to have delivered a few orders in the area where the insurance company at, I dropped by at the place and requested an update of my surrender value of my life insurance policy in which my dad had bought for me since I turned 21.
As expected, the value is half of what I was insured. I haven't been paying for this policy because the interest has paid off itself. In other word, I have a sum of money sitting there collecting dust. I have been toying the idea about withdrawal, since I have no one else, other than my dad, to leave something behind with if I die. The sum of the money I have isn't a large one, rather it is an amount that I could live comfortably without working for at least 2.5 years. Since I am working with minimum wages, my savings are now safe without depleting. But there were some times I would still have to use my savings for some random purchases.
Since my day time delivery work is now stable, I am thinking to work at night for a few hours in some garments shop at the mall. At least the few hours of work could supplement my total income.
I hope there is easy way out to get some serious cash. I would have loved to continue making my own porns but I would have been in jail by now.
Well you could consider cashing that money out and parking it in your EPF account for the 6% yearly dividends so it continues growing and compounding on its own since it appears to be worth 2.5 years of living expenses!
ReplyDeleteI thought about it. but to cash out from EPF is impossible til you are at retirement age.
DeleteNice that you have life insurance. Since none of us know what the future holds, I would be cautious about withdrawing the money. Rather leave it where it is and know that if something goes south it's there for you to use in an emergency. That's what I'd do. Hope this works out the way you want it to and hope you are doing well. Take care!
ReplyDeleteHave you discussed this with your father? If I put away a substantial sum of money for my son, and then I found out he cashed out and spent it, I would be pissed. He had your future in mind when he did this. It will become a very substantial sum by the time of your retirement -- only 30 years away.
ReplyDeleteYour father put this money away for you. It sounds like he really cares about you.