Are you Team Whole Life or Term Life?

I'm on Team Planning.

Insurance serves as a tool in our financial plans and both serve different purposes with different features, cost and benefit. Be it whole life or term, if it meets my needs fully in the most cost efficient manner, it's good for me.

As insurance is only one part of our financial plans, we should buy as much insurance as we need but aim to spend as little as possible, so we have more for living everyday and purposefully!

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https://www.youtube.com/watch?v=17gzv5oz32Q

Both. You don't need that many whole life policies however. 1 good one is pretty sufficient unless you want to create generational wealth, top up the rest with term.

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Having too many whole life brings problems at the later age where you have to weigh the cost of surrendering for cash value or keeping for coverage. Cost is high as well to maintain.

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Having only term policies also poses the problem of having to pay potentially till 70/85/100 or whatever term you set. WL today has options to do limited pay that would free up cash in your later years to plan for things like retirement. Also, imagine paying for a term until 65 years old and being unable to claim when a complication arises at 66.

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There's no good answer to either as both types serve their individual pros and cons. If the market had a limited-pay term policy, think people would jump on that.

Term. I prefer to seperate my Insurance from investment pile. Hybrid products has it's advantage only in flexibility but like many multi functional stuff such as thermo mix, it is comes with it's own sets of cons as we.

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No point giving me cash value when I can lose my insurance if I decide to cash out. That is not how emergency cash should work. Similarly, no point giving me insurance if my cash value can never be taken out till the evening years with low returns. opportunity cost.

Term for me~

The so call cash value is kinda tie with my coverage, what if I really urgent need the cash 10-15 years later, i have to give up my plan and buy a new term again, which cost even more expensive…