I bought an ILP in 2010 and further bought a whole life plan in 2014. My agent suggested that I can actually use my investment returns from ILP to fund the WL plan. Does this work in the long run?

It seems to be you are not at all familiar with the various tools and products at your disposal. You will need to understand what you are buying.

1) Focus on getting value for the plans you already had. Understand what are they used for. We also need to know what ILP you have bought. Timebomb ILPs drain your value by fees and cost of insurance. Using something that is suppose to be for long term, to fulfill a short term gap is not ideal at all.

2) For insurance, please cover the most important insurance, (a) medical insurance, followed by either Disability income / Critical illness insurance. Term life (till age 65) is for your dependents / total & permanent disability (which should taper down as you age, as there will be less liabilities).

3) For Whole Life, its meant to be bundled with CI (because term death/TPD is so cheap... BTIR works even with your high interest saving account/SSB).

Work with someone whose knowledge in insurance is excellent and is able to understand ROI needed to cover the cost of insurance (so that you can do a comparison).

Similar thoughts as Hariz.

You should speak to your financial advisor first, and discuss your priorities in the following order:

• Hospitalisation Plan
• Life Insurance (Death/TPD Coverage)
• ECI/CI coverage

After figuring out the right amount of coverage to have, you should work on the budget to make sure it is comfortable and affordable to you. Insurance is a risk management tool, its not meant to burden your finances.

As for the termination of the WL, unlikely converting it to a paid up policy would give you much value (since it appears that you only signed it in 2014)