Does buying a Term or Whole Life Insurance policy make more sense for me?

Hi Anon,

Congratulations on your coming baby! I think in regards to whether you should consider the mindef group term, I think it's really the cheapest form of insurance you can have that covers death and total permanent disability and I believe critical illness can be included if you add that in.

However, I do personally feel that you should look at getting a whole life insurance for coverage, especially since you are going to have a baby soon.

The difference between a whole life and term policy is that a whole life policy provides coverage for you the whole of life, and it's usually limited payment, meaning you might pay for a fixed period, ranging from 5 to 30 years, but after that your policy is paid in full.

For term, you are encouraged pay as you use, so meaning if you intend the policy to last till you are 70, you will be paying for it for the next 42 years. And do note that it also means that the coverage expires once you stop paying. Also do note that the Mindef Group Term also expires at 70, so you won't have coverage after that. Will you be okay with that?

So between whether term or whole life, you might want to see which makes better sense for you.

Do reach out if you are looking to hear what can be offered to you, my email is [email protected]

I highly recommend speaking to Hariz Maloy (he's a unicorn here haha) to analyse your needs and recommend the best product for you. Personally got term and whole life to make up for my shortfall in my coverage, so it's important to know what's your current coverage now, and what plans are good to cover the shortfall. Ofc good to keep budget in check as well :)