Should I get whole life or term life insurance for just death?

I don't think you should get an insurance just to get payout.

Insurance is to protect your dependents and you if anything happens to you. For example, if you can't work due to cancer, your dependents will have the payout to go through.

At 66, high chance you won't have any dependents that need any payout. I feel that any insurance after that is just trying to play a lottery.

I advice you to get term life with ECI rider as they are a lot cheaper than whole life and also pay outs more during your younger age. You need the coverage more when you are young!!!

Whole life might sound good because you get the money back but really, do you need that money at 65? 100k might sound a lot but 100k at 40 years later might not be so much anymore. A lot of "financial advisor" offers whole life as a better deal because of the commission. But yes, they are also some people who will benefit from whole life.

Don't get baited by the "financial advisors" who talk about the "projected return".

Hi Anon,

Based on your concern of Death + CI coverage, I think it makes better sense to get a Whole Life policy, reason being, yes there might be certain trends in our family, however we never really know when our "time" is up. So rather getting a term because of affordablitity and also setting a specified timeframe, the concern would be if we live past that timeframe, the coverage expires along with it.

Also with your age now, you do have the time horizon to fulfil the limited pay premium period to have coverage for the whole of life.

Try to look at this perspective. Getting insurance to protect your dependants against financial commitments. Dont get insurance just so you can leave a fortune behind when you die.

For me, I m adjusting my term insurance when I committed to smtg, like getting married, buying a house, child birth etc.

Hi there,

This depends on your budget as well. I am with AIA and I will recommend Power Critical Cover (life plan with value after 75 years) to cover critical illness from early, intermediate and major. This plan has a power reset & relapse benefit that will reset the sum covered after 12/24 mth of claim up to 500%. The second policy to get is either a whole life plan or term. Whole life plan is more costly but there is a value upon surrender. Term plans at least for AIA Secure Term, this plan allows you to convert to a whole life plan without underwriting if you have budget constraint at the moment to purchase a whole life.

Hope the above clarifies your concerns.