Is it wise to take up term life (death + TPD + CI with $1mil coverage) with additional early CI plan (total monthly premiums about $100+) to replace a whole life $300k coverage with monthly premium $301?

There are at least two things to consider based on the information you gave above!

1) The size of payout matters: do you need a million dollar coverage or $300k coverage is sufficient?

2) The length of time matters too: term plan covers up to 99 yo, but you need to size the plan to the age you want to be covered. Would you be able to decide on that figure now? On the other hand, whole life plan covers until 99yo. And you’ll get a sum of money regardless of your situation at 99yo.

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After considering these factors, you can then calculate the costs using the methods suggested by Luke Ho and see which one is a more economical solution.

Hi, I do face around a lot of my client-facing issue just like you. Which is better comparing between term vs whole life?

This is the few questions that I will like to post to you.

1) Which is more valued by you? The cost that you are going to incurred or the longevity that you are going to live. Which risk are you going to take up?

2) Is there a short-term debt period that you need to be covered (e.g. housing loan) vs the lifetime protection of your most valued asset which is you yourself.

3) calculate the total premium term - cash values. Does the term plan more value than whole life in term of value?

My suggestion to you, never take a whole life plan as an investment + protection. As the cash values are only the additional benefits and not the main reason why whole life used to be.

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