12 Jun 2019
12 Jun 2019
Senior Financial Consultant at Prudential
Hi there, generally speaking, term is more expensive (in the absolute amount of premiums paid) than whole life if any of the following happens:
09 Apr 2019
Financial Planner at Axa Singapore
You might want to consider term plan which covers you till age 65 (Means you got to pay premium from the start to age 65) but if you get a whole life plan (You can choose your premium payment term like 15, 20, 25years) then get covered till 99 years old.
One more thing to consider is that term plans do not have any cash value (Anything that you use to pay, you won't be able to retrieve them back if nothing happens to you) but for whole life plan, there is cash value.
Loh Tat Tian
05 Apr 2019
Founder at PolicyWoke (We Buy Insurance Policies)
In term of relative cost, it may be true, since you are basing it on cost alone
Example: Term is $800 per month, but if you pay till 65 (assuming you are 30 now), that's 35 * 800= $28,000.
A whole life limited with CI may only cost $1,500 * 15 years = $22,500 and has cash value. But...
Time value of money and investment return is not calculated. Hence why people say BTIR is the best.
A lot of people make this mistake of thinking in absolute terms like this.
25 Mar 2019
Financial Enthusiast, Budgeting at The Society
No. This just came out, is a good answer to you question :
09 Mar 2019
Founder and Director at CFX Money Maverick Pte Ltd
That is a very weird thing to say to someone.
For ECI and CI, there does tend to be a cost dispar...
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