Whole life vs term life insurance for a 27 year old

I would encourage u to talk to all the different advisors of the different firms, share with them your concern and hear them out. Find out the differences, pros and cons of each insurance from different person.

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Then go back and consolidate. For the "best", there is already a lot of information out there, so u jst need to connect the dots afterwards before u make your decisions.

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All the best!

If you are really un-sure of your commitment and dependencies, one popular option is to get whole life and supplement it with term life. Personally im on a multipay wholelife till age 99 as well as a term life till age 70.

Whole life (comes with cash value): all the way and get surrender value at end of policy, more expensive, if unable to pay premium will use your cash value to pay for insurance until it dried up, premature surrender of policy results in cash value to suffer losses

term life (pure expense, no cash value): most only until 70 yo, cheaper option, if unable to pay premium will cause lapse in insurance

First decide if you need/want one. For me, I do not have any dependent and I don't think I want to have a kid, so maximum sum assurance was not my no. 1 consideration.

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However, personally I feel that I don't want to burden anyone if I am permanently disabled or critically ill in the future, and I would want this coverage to last even after I retire, hence I decided to go for whole life instead of term life but with reasonable sum assurance.

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Decide on whole life or term life and amount of coverage, then compare the plans from different companies and choose one that best suits you.