20 Nov 2020
May I know what is the purpose of getting this policy? It seems that you are looking at protection of some sort.
At age of 40, a whole life limited pay CI policy would make sense if you wish to cover CI/Early CI for life. It's about the protection after all. A term policy makes more sense to protect death and TPD. However, we really have to examine your situation in order to see what would best suit your circumstances.
However, whole life products are not meant for savings. If you wish to draw on something in 20 years or so, you're better off getting a typical endowment policy or a whole life savings plan (if you want potential upside with downside protection from the guarantees), or just invest the money (your horizon is long enough).
I'd suggest that you have a look at the numbers to see which option would really work out for you. But whatever you choose, don't use a whole life for savings. It's not what the product was made for.
Term Insurance are generally cheaper but have no cash value. If you prefer lower cost or have limited budget (but still need the coverage/ protection), you can consider Term Insurance.
Life Insurance on the other hand have cash value. If you looking at longer term, you may consider Life Insurance if your budget allows.
Also, you may also want to consider the duration you actually need the coverage/ protection. Short term or long term protection you are looking for?
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