Several years ago someone had told me about an investment they made with a lump sum insurance payment they received from their husband who was a policeman and died on duty from a heart attack.This investment was allowed only once to an individual by the Federal Government, and you could double your money with it. Does anyone know what this investment is and if it is still being offered?Thank you, Lori
Given just about any investment, you "could" double your money with it, given enough time. Or you "could" lose it all. Even a bank account paying 3% interest will double your money in around 23 years, with very low risk.But since you said,This investment was allowed only once to an individual by the Federal GovernmentThat's an earmark of a scam. It's very rare that the feds allow you to do something once and only once.
If you had a death benefit coming from an insurance company, you could be offered a fixed annuity as an alternative. If you were looking for income, this could "double" the income compared to what you would get from investing the death benefit in something like CDs.The trick of course is that the annuity is paying you back part of your investment with each payment and at the end of the contract nothing remains. While, if you live only on the interest from the death benefit, on your death, the full death benefit is still part of your estate.In an annuity, the insurance company is offering service, guarantees and security of income, but for a significant fee. That is why, Fools believe you are best off to avoid annuities and invest your own funds.
I guess the real answer here is that there is no "double your money" immediately through some government plan that is going to make you a fortune overnight.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Rat