29 Jul 2020
I have just turned 23 and am considering all of my options. I feel like Term Life Insurance would be good for me at the moment since it is cheaper.
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You have to also consider that Whole Life Insurance comes with cash value so it’s more expensive. It’s more cost effective with Whole Life in the long run, though you will feel the pinch of paying more for premiums every month. More than just considering the cost, you have to see if the plan is enough for your coverage.
A reasonable coverage for life insurance is:
10x annual income in the event of death
5x annual income in the event of CI
Your needs will change over time so you can buy a term plan to fill up those gaps.
29 Jul 2020
Life Alchemist at School of Hard Knocks
Whole Life insurance has its place. For example, a limited WL policy, which you pay for X years, then you don't need to ever pay again and at the same time, you're covered for death, TPD and CI. Premiums are higher than those non-limited ones. I think it's good to have a mix. You can consider to get term & WL at the same time.
No. The market competition has forced insurers to reinvent Whole Life policies to a point where the ...
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