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Anonymous
Worth to get a term till 100 plan vs whole life plan?
Is It worth to get a term to 100 plan as compared to a whole life plan?
Im in my twenties and thinking of increasing coverage mainly for eci/ci by about 300k-500k. I would like my ci coverage to continue even after retiring aka 65 yo (even though i know ci coverage is to compensate for loss of income). Considerations is that term is more affordable but paying till i claim vs whole life which is much more expensive.
would it be more worth to get a term to 100 plan (means paying in my retirement years) or a whole life plan with limited premium payment years?
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Do u want to pay the CI during ur retirement years or do u want to pay the CI during ur working years. The thing is can u afford for term till 100 when u grow older as the premiums would increase.
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Both works as it depends on your overall portfolio too.
Are you risk adverse or don't mind a litt...
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Normally I would recommend term, but if for your reasons or rationale, you want an insurance plan that goes to 100 years, a whole life plan is often better in terms of cost reward ratio, mainly because the firm will need to cover your risks under term till 100 and it will get more expensive the higher it goes.
If your age limit is more reasonable, like say 65 - 75 bracket, term serves it, no questions asked.