Hi Anon, In regards to whether to do Whole Life or Term, personally I'm more pro-Whole Life because insurance coverage when it comes to death and CI should always protect one for the whole of our lifetime. I think in regards to term being more expensive, it isn't necessarily so, actually if you buy a term insurance at your age as compared to a Whole Life, the Term might actually be cheaper, but of course a Term policy's coverage is based on how long you have decided, it could be 20 or 30 years, or even longer. Also, Insurance Premiums are affected by the age at when you make the purchase, so meaning if you buy now, the premiums are fixed at that rate through out the payment term. TPD is usually included in policies as when one is TPD... you do need the lump sum benefit as your cost of living increases drastically. In regards to whether you should include ECI, I think it would be a good to have, as with medical advances, certain forms of ECI can actually be detected early and treated early. And usually after such treatments, recovery is very likely. Whether to do minimal coverage, I think it would be good to follow the guideline of; 10x your annual income for death coverage 5 - 7x your annual income for CI coverage 2 - 3x your annual income for ECI coverage But of course this is the most straight forward method. If you'd like another method, we can look into the expense method, which takes your monthly expenses and multiply them by X number of years as you need. My suggestion is, look at a Whole Life policy with limited pay (15-20 years payment term) to cover what you need, then get a term later to further boost your coverage as term is the cheapest form of insurance with the highest possible coverage in sum assured.