facebookMy insurance agents have been pushing me to get whole life limited pay and ILPs. I am slightly persuaded but also especially cautious with reviews on them online. Should I insist on a term insurance? - Seedly

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Anonymous

19 Jul 2020

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Insurance

My insurance agents have been pushing me to get whole life limited pay and ILPs. I am slightly persuaded but also especially cautious with reviews on them online. Should I insist on a term insurance?

I have spoken to 2 different insurance agents. One from AIA and one from prudential. Both of them have been advocating for whole life coverage and ILPs. I just want basic insurance coverage for term life, PA, TPD etc. What should I do?

Discussion (9)

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I would strongly advocate for Whole Life in most cases as well. Term plans come in if you just require Death and Disability. When you do the numbers, term plans fall short in many areas which from a practitioner's stand-point - are not worth the savings. People tend to not be disciplined in BTIR.

Avoid ILPs if you are not a high-risk taker, they are often reserved for new-borns when the accelerating cost of insurance is largely in their favor.​​​

I'm sceptical generally as to investing into life insurances.

It is not an ideal investing vehicle and then most probably

underperforming. Insurance companies and banks

over decades did an inferior job for the retail investor

with investing products of any kind. (some did good of course ...)​​​

Elijah Lee

18 Jul 2020

Senior Financial Services Manager at Phillip Securities (Jurong East)

Hi anon,

A whole life limited pay plan is a good option to get whole of life coverage for CI and Ea...

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