Asked on 15 May 2019
It varies from person to person.
I advise my client to place Insurance meant for coverage under expenses
While Endowments or Investment plans can be under the respective categories accordingly
Policies with no cash value are expenses. Policies with cash values are assets/investments.
If you think about what Robert Kiyosaki says; Assets put cash into your pocket, Liabilities take cash out of your pocket.
I would have to say insurance that does not have cash value would be consider as expenses and those that hold value such as endowment would be considered as savings/investments.
Most insurance is expense. But if the insurance has a savings or investment portion, that is considered savings or investment.
As long as money goes out and does not generate value, its expense.