An agent recommended me Whole Life insurance multiplier with a premium term of 20 years. Can I treat this as a way to save my monthly income for the surrender value at the end of the policy's life?

You can but it's not the best way of using a whole life policy. The whole life policy is intended to provide coverage for life, even when there is cash value, it's not a good idea to surrender it for cash later. Use other investment like endowment or pure investment to do that.

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Whole life is whole life, there is either no end to policy's life, or age 100 for some insurers.

If your agent is still around in 20 years time, then get it. Else, do not.

If in doubt, call your agent if s(he) will be around in 20 years time.

Life is good.

Cheers,

Pascal

Not an agent. But here is the thing. One doesn't really know where life takes you - unless you take charge and makes sure life is walked the way you want it to.

Contrary to some recommendations, you may want to continue on your path. I will give you a take on this.

WL is expensive in general. However, it is cheap when taken up young due to the long time horizon. It is useful especially if you have family and children later on, and also as an inheritance gift to them or to your nieces/nephews/charity (if willed or nominated to them).. However, one doesn't know at this age if he or she may get married or have children at all.

Balance it. Just get sufficient WL (lock in price) that you think even if end up not having a family.. the surrender value is something useful for emergency/retirement and coffin money. You can then top up with term life (adjusted when lemons rain on you) and do other investments.

You're dead at the end of the policy life.

A whole life plan is meant to only touch when you're dead. Not much use for the money there.

Get it for lifelong protection for the people depending on your income.

Treat the cash value in the policy only as an emergency fund you can tap in, if you're unemployed for a long period of time, etc.

If you're planning to cancel the policy for its surrender value at retirement age, I'd suggest you take the Term + Invest the Difference route.

However, there are other policies that can help you save.

Endowments.

Usually they are bought with a very specific end goal in mind. A down-payment on a house, children education, retirement nest egg.

But if you're just looking for a safe way to accumulate money with a 3-4% return, you can look into getting a perpetual endowment plan.

Some of these plans allow for unlimited withdrawals after a specific period of time, and you can let your money compound even after the premium term.

It becomes an income generating asset that's quite flexible.