What is the most cost effective way to manage insurance (term life + riders) vs (whole life + term policies)? Are there any online resources I can refer to understand this topic better?

It can be quite complicated, depending on how far you want to analyse this. I think it's better to get a professional financial adviser to help you with this, than to struggle and figure out yourself.

Above all, it depends on your needs. For instance, if you need insurance coverage for a specified period of time only, e.g. 30 years, then a term insurance may be the cheapest option for this purpose. However, there will be zero surrender cash value thereafter. In this situation, is this the most cost effective option?

Well, to answer your question in a responsible manner, we will need to understand your needs first. Thereafter, we will determine your goals and to use insurance as a risk management tool to mitigate risks that you are unwilling or unable to tolerate on your own. In other words, insurance is merely a solution to your problems. The most important step is to know your needs in order for us to determine the most cost effective tool.

If you are interested, I wrote a couple of articles on term and whole life insurance policies in Singapore. You may check it out:

• What is a Term Insurance Policy

• What is a Participating Whole Life Insurance Singapore

• What is Critical Illness Insurance Singapore