Saving 50,000 can only get back 30,000?There are two major ways to deposit money in the bankBe sure to tell your parents.
Many friends have had a similar experience, going to the bank to save money or consulting about financial management, but they were recommended insurance products.
Some bank managers will talk about it when they sell"This type of product is not only more profitable, but also quite safe, risk-free, and ...... anywhere”
In the face of such rhetoric, it is difficult for ordinary people not to be moved, especially elderly parents, who are more likely to be overwhelmed and hurriedly place orders.
However, is there really such a good thing?How about the insurance recommended by the bank manager?Are there any pits?Who is suitable for buying？Today we are going to talk about this topic.
A few months ago, when Ms. Zhang's mother went to the bank to deposit money, the staff recommended a product, saying that the interest rate was higher. Her mother felt very moved after hearing this, and she put 50,000 yuan directly in without knowing too much.
In January this year, Ms. Zhang's mother wanted to withdraw the 50,000 yuan, but was told that she could only get back 30,000 yuan. Hearing this, Ms. Zhang's mother was anxious and angry, and hurriedly ran home to ask Ms. Zhang for help......
After reading the documents given by the bank, Ms. Zhang guessed that her mother should have bought an insurance, but she didn't know much about insurance herself, so she wanted us to help see if it was reliable.
We judged that Ms. Zhang's mother was probably deceived into buying insurance that did not match her needs, because her mother did not know that after putting the money in, she would lose money in the first few years, but thought that it was similar to an ordinary deposit.
Like that"Deposit into policy".Things are not uncommon in reality, and we have encountered them before.
Elderly parents, in particular, are more likely to experience this situation.
Seriously,Who wouldn't want a higher interest on their money in the bank?However, the rules and ways of receiving different products are quite different, so it is recommended that we must fully understand them before deciding whether to buy them or not, otherwise it is really easy to get started.
In fact, the insurance that Ms. Zhang's mother bought in the bank is an increased whole life, which is also an insurance product that many banks currently promote.
It is undeniable that increased whole life does have its own advantages, such as safety and stability, locked-in income, etc., but it also has certain limitations and is not suitable for everyone.
For the sake of sales performance, some bank clerks do not explain the pros and cons clearly, and even use some routines to promote orders:
Routine 1: Describe insurance as a deposit
The first most common routine is to package the insurance sold by the bank as a deposit or financial management, which is the situation encountered by Ms. Zhang's mother.
Such staff will often say, "The product recommended to you has a much higher yield than a fixed deposit, absolute capital protection, and additional death benefits, etc., ......."”
Moreover, some banks will even engage in activities, as long as you buy its insurance, it will send you rice, oil, small household appliances and so on.
Many people are particularly excited when they hear this, especially middle-aged and elderly people like parents, who have a natural trust in the bank, and can not only earn more interest, but also get gifts, which is cheap and not picked up, so they decisively paid for ......
But in fact, there is a misunderstanding here:Increase your life expectancy, is not the same as deposit, because after buying this kind of product, if you want to withdraw the money a few years before the insurance, not only will you not have any income but even lose money.
Just like the increased whole life bought by Ms. Zhang's mother, you will lose money in the first 5 years, and you will not have a penny of income in these 5 years, and you will start to have income after 5 years.
If you don't figure out the rules, you can use the money that you may need in the short term to buy an increased whole life, and you are likely to face a loss when you withdraw the money. However, some bank clerks do not explain the risks of this area clearly, which is easy to cause everyone to step on the pit.
Routine 2: Exaggerate the benefits as bait
There are also some bank clerks who say high returns when recommending products that are not necessarily true. For example, when Ms. Zhang's mother bought this product, the salesman told her that the higher the return, the higher the return, and in her 80s, the yield can even exceed 10%.
But in fact, friends with a little financial knowledge know that the higher the return, the greater the risk......
It is also true that the so-called excess return in the mouth of bank staff is not the real rate of return, but the income obtained by dividing the excess money of the year by the principal compared with the previous year.
In order to make you more intuitive to see the differences, we have also found a similar product schedule, which is briefly analyzed below:
Payment: 30-year-old women, pay 50,000 yuan per year, for 3 years).
As shown in the figure, the cash value of this product is 180295 yuan in the 9th year and 186568 yuan in the 10th year, which is equivalent to an increase of 6273 yuan in the 10th year compared with the previous year.
There is no problem in the front, the problem is in the column of "current yield", 4How did the 18% yield come about?In fact, it is the data obtained by dividing the cash value increase (6,273 yuan) by the principal (150,000 yuan) in the current year.
But in fact, the real income is not like this at all, let's push back, if you say 150,000 points 3 years deposit, according to the 418% interest, by the 10th year the interest should be 5640 thousand.
Calculation formula:Principal x Interest Rate x Time + Principal = Sum of Principal and Interest
The 10th year cash value shown is 18660,000 yuan, which means that the actual interest is only 3660,000 yuan, the missing 20,000 yuan of interest went to **So to speakThe rate of return shown in the promotional materials is not the real rate of return.
If you want to know what the actual benefits of this type of product are, you still have to look at the IRR, according to the table above, we calculated that the IRR of this product in the 10th year is 245%, which is significantly lower than the earnings listed in **.
After reading the above routine, some friends may think that the insurance sold by the bank is unreliable, but in fact, it can't be said that way.
Whether it is an insurance product bought in a bank or through other channels, the insurance content is written in black and white in the contract, and all the terms are also recorded, and the insurance product itself is reliable.
The reason why there is such a routine is that some unprofessional salespeople deliberately conceal or mislead sales for their own performance, which makes some friends misunderstand and buy insurance products that do not match their needs.
So to speakThere is no problem in buying insurance at the bank, the key is whether the products we buy meet our needs.
It is undeniable that in the context of falling interest rates, increasing the amount of whole life can lock in the interest rate, and long-term holding can indeed get a higher yield than deposits, but it is not suitable for everyone.
If you have a long-term spare money that you don't use, and you want to achieve steady capital appreciation under the premise of being safer, and you are also psychologically prepared for long-term investment, you can consider buying an increased whole life
If the money is likely to be used in the next 5 to 10 years and you want to take it as you go, then it is not advisable to invest the money in increasing your whole life.
If you have fully understood the advantages and disadvantages of this type of product, and feel that it is more suitable for your own needs, then we can consider buying it. At the same time, it is also recommended that you do a good job of comparison and try to choose products with higher returns.
Previously, we have also analyzed that the increase in whole life sold by major banks can be used by interested friends for the specific income.
There has always been a saying in the insurance industry"Insurance never deceives people, it is people who deceive people."
No matter which industry, there are professional sales consultants, and there are also misleading sales, I hope that through this article, you can understand some common routines and avoid falling into the pit.
If you have elders and relatives around you who have encountered this situation, or there are similar misunderstandings, you can go out with this article, looking forward to letting more people understand the truth and avoid detours.
I hope everyone can buy the right insurance :) for themselves
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