He added: "The next one is called the savings element
, this tends to apply for people who started their pensions before 2016 and the savings credit can be worth [pounds sterling]600 to [pounds sterling]700 a year.
The World Banks wants governments to incorporate a savings element
in their national financial inclusion strategies.
He said that at the council's meeting in February, it agreed its three-year Corporate Plan which contained a savings element
from the 0-5 budget of PS1.12m from April 2018.
Universal Life: These are flexible premium policies that incorporate a savings element
. The cash values that are accumulated are put into investments with the intention of earning more in interest.
To be eligible, customers must: Be receiving the Savings or |Guarantee & Savings element
of the State Pension Credit Be receiving eligible means-tested |benefits Have a household income below PS16,010 and have a disability or longterm illness Or have a household income of |below PS16,010 and be spending more than 10% on fuel for adequate heating (usually 21 degrees for the main living area) Applications can be made by calling 0800 072 8625 (for credit meter customers), or 0800 294 8604 (for Pay as You Go customers).
The discount is available to the most vulnerable, including pensioners receiving the savings element
of pension credit, those with chronic illnesses or mobility problems and households with very young children with an income of less than PS16,192 and receiving benefits such as Child Tax Credit.
To be eligible, customers must: | Be receiving the Savings or Guarantee & Savings element
of the State Pension Credit | Be receiving eligible means-tested benefits | Have a household income below PS16,010 and have a disability or long-term illness | Or have a household income of below PS16,010 and be spending more than 10% on fuel for adequate eating (usually 21degC for the main living area) Applications can be made by calling 0800 072 8625 (for credit meter customers), or 0800 294 8604 (for Pay as You Go customers).
Permanent Life Insurance: Also called cash value life insurance, permanent life insurance provides coverage throughout the insured's lifetime and combines a death benefit with a savings element
. Permanent life insurance enjoys favorable tax treatment, and the savings can build cash value, from which the policy owner can borrow or use to meet future goals, such as paying for a child's college education.
Depending on the customer preference, applicants can increase the insurance element or savings element
in the scheme.
Endowment plans, on the other hand, have a savings element
that provides returns higher than those in normal bank accounts.
In fact, there has been some movement among ISA providers in recent times to promote the savings element
Term insurance is pure insurance; it includes no savings element
. I also recommend that you select the longest term (in years) you can afford.