I'm 21, getting out of NS and into university. I currently have a whole life plan and ILP. Should I consider canceling the ILP, switching to term life and getting health insurance? What type of insurance should I get?

Hi Anon, hope this isn't way too late in the game because this was posted more than a year ago. Assuming that you have the financial means to pay your premiums right now, I would say that you shouldn't cancel your ILP (assuming it's a 101% ILP where all premiums are paid to buy units), because you can't get back much of your invested funds as you may not have invested for the minimum investment period.

​

On switching to term life, it really depends on what you prefer. Are you a "buy term, invest the rest" kind of person or would you like coverage even after 65, because after 65, term tends to get a bit more expensive. So if you can do without coverage and/or don't mind expensive premiums after 65, you should go ahead and buy term. If not, I would suggest that you hold on to your whole life policy.

​

Hi, hospitalization, left and accident plan are the most basic protection plans we should have. Need to see your total life coverage first before you cancel your ILP. Is the life plan coverage enough in the even of any critical illness. If not, can consider to top up the coverage with term plan. There are tern plans later can be converted to life plan.