facebookI 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? - Seedly

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          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?

          8

              Discussion (8)

              What are your thoughts?

              Buy term, dont go for ILP.

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                  Travis Teo

                  Travis Teo

                  23 Aug 2020

                  Level 6·Head of Business Development at Tokenize Xchange

                  I think it depends on what you are looking for in a insurance plan.

                  Generally there are 5 types of plans, Life insurance, Endowments, ILPs, Term and Health insurance.

                  For example whole life is a type of life insurance.

                  Life insurance - usually have cash value but take averagely 20 years to breakeven, usually the sum assured is lesser compared to term plans for the same premiums paid

                  Endowments - these are like saving plans with a maturity date tied to it, covers for your life as well

                  ILP - i wont recommend this as the fees are high and not much coverage as compared to others

                  Term - cheap coverage for your life but there isnt any cash value accured

                  Health insurance - this is the most important and the first one you should buy as hospital bills are exorbitant in Singapore, no matter how much savings you have you suay suay hospitalised all the savings might be wiped if you dont have healt insurance.

                  So as for your question, if you want cheap coverage and dont mind not having a cash value on your life go for term. But if you would like to accure cash value and have some kind of forced savings can consider whole life plans and endowments but they have lower sum assured for the same premiums paid.

                  Most importantly, always get health insurance first!! Can pay partly with medisave!

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                      Duane Cheng

                      Duane Cheng

                      25 Aug 2020

                      Level 9·Financial Consultant at Prudential Assurance Company Singapore

                      Hi Jason,

                      If you were to purchase an ILP, do understand that your premium period will not be limite...

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