I plan to buy life insurance, whole life or ILP. I only want to pay 15-20 years. Anyone have experience bought ILP before. Which one is better ? Thanks?

Hi Jason,

If you were to purchase an ILP, do understand that your premium period will not be limited to 15-20 years, as ILPs are payable for life. Should you stop paying on your policy, you can go for a premium holiday, where assurance costs are deducted against your unit value.

Whole life would be suited for yourself, if you want a limited pay term.

ILPs are a touchy topic, however depending on when you start your policy, you could benefit from the market cycles to stay invested, which could in turn allow you to break even on your policy earlier compared to a WLP.

WLP's are considered an autopilot option, where you pay the premiums and they are then invested in a central fund called the participating fund to provide bonuses in your policy.

Depending on your goals and strategy in your insurance coverage. Its hard to ascertain whats the best option in the absence of information.

Hope i was able to address your queries!

In general, there is a saying that ILP is the weapon of financial mass destruction. Buy Term Insurance and Invest the rest.

Get insurance purely for it's coverage of protection and not anything else.