I've been hearing about chasunah policies.
They are primarily sold to young couples and consist of a combination of (1) a term insurance policy for 20 years (is that for both spouses?) (2) a savings plan for expenses of kids chasunahs, 20 years down the road.
Apparently the buyer pays $7000, in year 1 through 5 and gets in return
--0% interest in years 1-5, and 4% intererst in years 5-to-20
--principal protection throughout the 20 year life of the plan (when ever you withdraw the money you are guaranteed the original 35% principal).
--If you keep the funds in the full 20 years you are guaranteed $70,000 (double your money in 15-20 years).
Are there more details that I am not aware of?
Where do I find out more about these plans?
Who is guaranteeing these plans?
Most importantly, do they make financial sense, for the average young couple?