Woud you all recommend whole life or term insurance for babies?

The only reason that i see that you buy a whole life for babies (which i did for my baby), which is to cover insurability, and to protect parents income should CI falls on the baby (but whelp..)

This is because whole life has this feature built in, OPAI (option to purchase addtional insurance without medical underwriting). This will become the cornerstone of CI protection should you be diagnosed with pre-existing that is not critical enough, yet will affect future CI protection coverage).

Its a very good to have, but not a MUST.

Whole life for newborn and after 20 years or after fully paid for the whole life. Can buy into term plan! Term plan is important as well but not so for newborn.

Hi Kenny, get whole life.

In short, a term plan typically is used to cover any outstanding debt or “unearned” future earnings due to premature death.

A strong key reason for getting WL for baby apart from low cost of insurance is that you can add on Early stage critical illness / multipay CI riders.

The purpose is now different as opposed to getting term.

If child is unfortunately diagnosed with early CI, one or both parents may need to stop work to look after the child.

The payouts from the CI benefits is to now protect the income loss of the parents.

As others have mentioned, do ensure you have shield plan and PA plan for yourself and your baby.

For shield plans, I have covered it comprehensively in an article here:
https://www.theastuteparent.com/2019/09/best-sh...
AIA is no brainer because not waiting period for congenital illnesses and coverage of $2 mil for private hospital plan

For PA plans, can consider Sompo where if both parents were to be insured, the child gets free coverage as well to a certain extend:
https://www.theastuteparent.com/2018/03/sompo-p...

To help you do these things better and with clarity, you need to speak to an independent financial adviser like myself to save you time from doing it yourself and filtering sales pitches from various agents saying why their company’s the best as we can advise, compare and distribute plans from multiple insurers.

Hi Kenny,

I would recommend wholelife for babies, as I just did one for my newborn not too long ago.

Essentially it's limited pay and the value increases over time, so imagine if it's 20y premium pay, by the time your baby hits tertiary education then it's fully paid up and baby is insured for life.