I'm 25 and I've just bought a term plan (Aviva - 500k death and TPD with multipay ECI -$1,179.30). I'm cash tight cus of my low pay. Did I make the right choice to choose this over whole life?

If you can't afford 100 a month for your insurance, you can't afford to die or fall sick. I'm sorry but that's the truth.

If you really want, you can reduce your sum assured and pay less premiums, and increase it again when you get married or buy a house.

If you find yourself struggling to pay, then its probably too costly for you.

Sit down with your agent or find another financial planner to work out the details for you.

My question to you is simple.

What is your current needs? Do you need a savings plan on top of your coverage? Do you need This coverage till age 99? Are you OK with the amount growing at about 3-4% of the money you put in?

From your answer, you are already cash strap. So term is the answer only. If you can afford whole life, you can afford to buy term and invest the rest. Are you going to invest the rest?

If you can't afford whole life, then you are in deep trouble because you definitely have low income, and any advice to buy whole life is really bad imho.

If you're cash strapped and already struggling; review if you're paying too much for your insurance. Whole life is not recommended and to me, more costly so term insurance is the way to go for me if I'm in your situation.

Review your financial status and identify your reasons for getting the insurance. Are you the sole breadwinner? Perhaps after reviewing you'd notice you wouldn't need such a high coverage at this point of life after all.

Please upvote if I make sense 😏