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Anonymous
Have been reading responses regarding the type of insurance I should get and have read that getting a term and invest the rest is better than a whole life. I don’t have time to properly learn and invest though. Do share your perspectives please thank you!
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Cheng You Yi
12 Dec 2018
Financial Advisor/Remisier at Phillip Securities Pte Ltd
I advocate a basic WL (with CI/ECI cover) plus term till 65. This will provide cover for after 65 as well as affordable and sufficient cover during your working years
Of course, the argument why you don't get WL if you buy term invest the rest is that after 65, the investment you have built up will serve as sufficient self-insurance.
There are a few points to take note if you choose BTIR route:
1) Market conditions when you are 65 is uncertain. Sure, over 20 years, markets generally are better, but this is not a guarantee.
2) Your investment after 65 should be providing you a passive source of retirement income. If something major happen, you will have to dig into this portfolio. Depending on the severity, the passive retirement income you are depending on will drop.
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Hariz Arthur Maloy
12 Dec 2018
Independent Financial Advisor at Promiseland Independent
I never believe it's one against the other. But instead how much Whole Life and how much Term.
I wo...
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It depends on your needs and at what age you are buying WL.
So generally, if you want to pay lower premium and looking for protection only and has a plan for retirement, go term life. The cost savings in premiums can be used for other needs or investment.
If you can afford to pay higher premium, looking for protection and returns (as part of your retirement plan or to give to your next gen), then WL may suit better.