When can you get your money back, the straight answer is only
when you die, if you don't die, then you pay until you accumulate
enough cash value for the policy to pay itself, you can also borrow
money from the cash value.
The other answer to your question of When can you get your money
back is How much money have you paid? If you only paid premium for
2 to 3 years, then it is money spent to protect you over these 2 to
3 years, if you stop paying, policy lapses, no money.
Where is your agent? Insurance today is developed with many
different products with varying level of investment and protection.
Besides life insurance, endowment, there are unit trust, critical
illness, ..... A normal people, especially without financial
background will find it difficult to understand all these products,
what it protects, its returns, cash values.... Today even the bank
is selling because the bank knows that you have FD....
Suggest you find a good agent, don't just look for the young and
pretty ones, chances of them staying around in the industry is not
long. Insurance agent is supposed to do financial analysis on your
case before coming up with recommendation on what you need, it is
not what you want. Then it is up to you to decide.
<... you pay until you accumulate enough cash value for the
policy to pay itself, you can also borrow money from the cash
value.>
if i don't remember wrongly, i think they charge you interest
for using your cash value to service the policy.
if you borrow money from the cash value one should be reminded
that the interest rate is rather high, something like 8%.
