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Some people really recommend against taking out a policy or “investment” at these large insurance companies.

I mean, they are so rich already, how could it possible be good for you?

Here is one bad experience by Daan Viljoen. It shows you the figures he invested:
Insurance Shock

Anyway. There are tax benefits for having Retirement Annuities etc. I.e. it’s free.

I wrote this a while ago when I was a complete amatuer with finances and I also believed whatever I read on the internet. Today, I say, you MUST invest in a pension or retirement fund, up to 15% of your income is perfect, because you get a tax deduction for your contributions, i.e. an immediate return on your money which is a return equivalent to your income tax rate.

1LifeDirect Insurers