Anonymous

18 Apr 2019

∙

In what circumstances does a Whole Life policy makes sense for me to purchase?

Love to pick the brain of experienced insurance agents. In what circumstances would you recommend a Whole Life policy to your client?

Would be grateful if you would share your experiences.

Thanks!

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Hariz Arthur Maloy

26 Mar 2019

Independent Financial Advisor at Promiseland Independent

If they would like to remain insured after retirement for Early Critical Illness coverage. If they are not confident in investing and achieving a 6% compounded return.

If they do not want to manage their investment assets to help pay for additional cost of treatment and would rather insurance pay for it.

If they don't want to invest at all or are very risk adverse.

Buying a WL policy or comparing it against a term policy is not all about numbers as well. Sometimes it's just peace of mind. I wouldn't mind paying extra for peace of mind.

Even though I am an investor, I cannot guarantee nor predict the value of my assets at age 75 or 80. However, I know for a fact, if I were to fall critically ill, my WL plan will pay. Guaranteed.

I would also stop investing after I retire. Almost all (70% ish) of my money would be in annuities at that age. I believe strongly in guarantees and they are expensive, but I believe they're worth it.

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