Hi, I would like to seek opinion regarding my dad's term plan. He is 63 this year and his term life is expiring soon. Should he convert his term to whole life at this age?

Hi Anon, I would because it's free money. However, only if he can continue the cashflow required to service the Whole Life conversion.

The thing is he won't be paying more than what he'll get when he passes, so this allows him to draw down from his networth and see it replenished before he leaves, essentially buying his net worth now.

This can't be something you do if if you're not already comfortable or have some means of abundance.

But if you or your siblings can support the endeavour, it may be ideal as it'll guarantee some form of inheritance and it'll incentivise you (not that you need it of course) to make sure you take care of dad during his golden years.