I Have A Hard Time Saving Money. Should I Buy Life Insurance As A Form Of Forced Savings?

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jul 16, 2021

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You would probably be better off by using your investment money to buy mutual funds or some other investment vehicle, and use your insurance money to get the most coverage for your insurance dollar. If you need forced savings to provide discipline, you can use payroll deduction savings plans or a plan that uses bank drafts to regularly deduct the amount you want to save from your checking account.

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