Hey Seedly, Im 22 just ORD recently. Im currently weighing the pros of a term plan as its more affordable..?

Hey there. The purpose of term and life insurance plans are for death mainly. Is it of the most importance to you right now for your next-of-kin to receive a lump sum if something were to happen to you?

If your priorities are savings/investments/hospitalisation/critical illness instead, then you should NOT be looking at term/life plans. I do believe as a 22-year old, your priorities will lie further away from death coverage than all other financial needs.

You can reach me here to find out more. I cover 9 insurers including Aviva, NTUC, Manulife etc.

Think about what kind of coverage you want. Until you die of old age and you want to leave some monies to your children? Or simply until you stop having dependents and you can just live off your retirement savings?

If you don't need the coverage and cash of a whole life plan, then switch to a term life plan.

Since you just started with the whole life policy, surrender ASAP to reduce further "losses". Don't think about the money that already went poof. Think about the money that's about to go poof.