http://www.1728.com/compint.htm.

The rate is shockingly small: 6.706100578%

Still it is much higher than we could have earned with any bank deposit, although it is surely far less than if we’d been able to have invested the money (but of course we needed a place to live).

From the Web site:

Let us suppose you are 20 years old and wish to retire at age 65. What amount of money would you have to deposit at a 10 per cent rate for this one deposit to make you a millionaire?

We want to solve for principal so click on that button, then input:
TOTAL = 1,000,000
YEARS =45
RATE = 10 per cent.

Our answer shows that one deposit of $13,719.21 at 10 per cent interest at age 20, allows you to be a millionaire at age 65.

This shows you the incredible earning power of compound interest. It gives you something to think about doesn’t it?

Invest soon, because one can’t get the time back.

As to insurance, remember you “win” the bet if you die sooner! Only buy term (no cash value) insurance because it’s the least expensive, and invest other money that you can. Never have insurance unless you need to leave money for others after you’re gone, because that’s a waste of money.

I understand your situation and why you chose to have life insurance – you want to make sure your family will be ok in the event something happens to you.

Right now, I’m not sure whether it’s a personal vendetta I’ve towards Insurance companies in the Caribbean. And I’ve come learned too many cases were Insurance companies come up with some type to technically or clause in their contracts not to pay the full sum of the money that you’re initially insured for.

At this stage of my life, I’m not marry and don’t have a family - as I said in my post, I’m willing to take my chances investing my money in some other type of long-term investment (E.g. CD’s, Property). I’m not sure what the future will bring – maybe I might just have a change of heart towards these life insurances.