facebookI'm a 22 y/o male. I believe in buy term, invest the rest. However, today I was advised whole life may be better for my age due to lower whole life premiums. Which type of insurance is better in my situation? - Seedly

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Ang Bing Xian

Ang Bing Xian

Level 3·Double Degree in Accountancy & Business at Nanyang Technological University

15 Jan 2021

Insurance

I'm a 22 y/o male. I believe in buy term, invest the rest. However, today I was advised whole life may be better for my age due to lower whole life premiums. Which type of insurance is better in my situation?

Discussion (17)

What are your thoughts?

See whether got limited payment options for the whole life plan. Whole life covers you for life and while the premiums might be high, if you can pay it off within a few years while you are still working using limited payment, why not?

As some people point out, WL have CI coverage which is important during your retirement period.

And since you are young, premiums for limited payment is still relatively affordable.

Not asking you to drop term but a WL with limited payment is a very good addition to your insurance mix

View 2 replies

I believe in term too - while at a young age, your whole life premiums might be lower, it also means that you have more time to compound your interests!

Hariz Arthur Maloy

Hariz Arthur Maloy

13 Jun 2018

Level 15·Independent Financial Advisor at Promiseland Independent

Hi Anon, It's not a question of one over the other.

I believe in getting WL for CI and ECI purposes...

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