Pension Savings
In the long term savings field there are three main products, which aim to have a savings plan for when one retires:
- Directors Insurance
- Pension fund
- Provident fund
For each type of savings plan there are several tracks that you can choose from, as well as being able to combine between the different products.
What is Directors Insurance?
"Director Insurance" is a savings plan and pension insurance that its terms and conditions are anchored in a contract (policy). Usually the employee is the insured, and the employer is the owner of the policy. The partners in the contract are the employer, and employee and the insurance company.
Every month, the employer and the employee allocate to the insurance company their share in the pensions' budget in percentage from the employees' paycheck as determined in the contract, and this is the base for the directors insurance.
What will you receive in this Directors insurance?
This insurance is usually composed of three components: insurance in case of work disability, life insurance (compensation in case of death), and pension savings (capital or allowance) for retirement.
What is a Pension Fund?
A Pension Fund provides you a monthly allocation from when one reaches retirement age, as well as survivor allocation and disability allocation depending on the track that was chosen.
As opposed to the directors insurance, the pension fund is not a personal contract, but a plan with mutual guarantee between all its insured, which is directly affected by economic changes. The allocation is calculated according to the insureds' paycheck during the years, and according to the funds regulations.
Advanced Study Fund:
This fund is a mid-term savings plan. The employer and the employee (or the self-employed) allocates a monthly payment to an investment track of choice that yields profit and provides tax benefits.
Shifting between tracks and companies does not affect the seniority or the benefits, and can improve the profits significantly. We will be happy to provide you with further information.
Pension Insurance
As we all know, life expectancy goes up all the time, and in the future we will spend more time living off of pension.
In this case, whoever made sure to save appropriately during his working years, will have a good monthly pension allocation. Therefore, we advise you to save as much as can ASAP. There is an option for planing your retirement- every employee that reaches retirement age should plan his retirement at a certain point in order to find the best plan for him.
Our office specializes in the field of pension savings in various forms and tracks.
Also, in the case of injury (death, wounding or disability), we offer products that can promise you to maintain a high level of life, even in the insured is injured and does not work, or for the survivors in case of death G-d forbid.
