Should I allocate 100k to a term and whole life plan respectively or 200k to whole life plan only? Do I really need 200k coverage for life? I have no dependents

The coverage you need depends on your lifestyle. Usually everyone will take 5-10X annual income for Death/TPD and 3-5X annual income for CI/ECI. Dependents can be your parents, spouse or child. Even though you might not have any dependents now, unless you are sure that you will never get married or have any children, it is always good to lock in some whole life insurance at a healthy cheaper premium.

​

You can also have a split between whole life and term insurance to cater for that total coverage needed. For instance, if your total coverage needed is around 500k, you can get 200k whole life, and top up with 300k term (up to 65/70).

Term plan has no cash value but higher coverage. Whole life has a bit of cash value and cover for whole life.

​

How much coverage depends on how much of your current income you want to protect in face of those unfortunate events. Whole life protects death and total permanent disability so it's more for your dependents. but you can add on rider for early/critical illness, to protect against loss of income. If you really has no dependents, you can consider those insurance that protect against accident, disability, early critical illness.