facebookI'm a 22 y/o male. I believe in buy term, invest the rest. However, today I was advised whole life may be better for my age due to lower whole life premiums. Which type of insurance is better in my situation? - Seedly
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Ang Bing Xian

Posted on 12 Jun 2018

I'm a 22 y/o male. I believe in buy term, invest the rest. However, today I was advised whole life may be better for my age due to lower whole life premiums. Which type of insurance is better in my situation?

0 comments

13 answers

Discussion (13)

Aik Kai

Aik Kai

Level 11. Master

Updated on 07 Jun 2019

See whether got limited payment options for the whole life plan. Whole life covers you for life and while the premiums might be high, if you can pay it off within a few years while you are still working using limited payment, why not?

As some people point out, WL have CI coverage which is important during your retirement period.

And since you are young, premiums for limited payment is still relatively affordable.

Not asking you to drop term but a WL with limited payment is a very good addition to your insurance mix

2

Ang Bing Xian

Ang Bing Xian

14 Jun 2018

Sorry, could you elaborate on what limited payment means? Do you mean non ILP? I'll definitely avoid ILP.

Aik Kai

Aik Kai

18 Jun 2018

Yes. They are non ilp. Basically instead of paying for life for WL, you pay only for a certain number of years. Like, you pay 20 years only for this WL plan and your coverage is till youe death. This helps in your retirement period whereby you are still covered but you are not paying anymore since you already paid finished

Post

Harris Lim

Harris Lim

Level 4. Wonderkid

Posted on 13 Jun 2018

I believe in term too - while at a young age, your whole life premiums might be lower, it also means that you have more time to compound your interests!

0

Post

Hi Anon, It's not a question of one over the other.

I believe in getting WL for CI and ECI purposes...

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