Should I be getting Whole life or Term insurance? How about ECI or CI? - Seedly

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Asked by Anonymous

Asked 2w ago

Should I be getting Whole life or Term insurance? How about ECI or CI?

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Your question is too vague for anyone to give any quality answer.

I would use guidelines instead over here, and for you to find out more after comparisons of the plans.

You need Death insurance only if you have dependents.

You need CI/ECI only if you wish to replace your income during a sabbatical that you may be out of work.

AGe 30 and below, whole-life plans to cover the absolute minimum that you need for a lifetime. Unless you are a BTIR (buy term and invest the rest advocate), then Term insurance all the way till 65, and Self-insurance (ownself fund any issues) after 65.

Anyone above 30, the cost of getting a whole life is too expensive imho due to the escalating cost of insurance (which is priced in for whole life). Hence, cost-efficient wise, term till 65 works much better.

Bearing, you still need to find the lowest premium for the roughly same contract terms for the insurance.

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Without knowing much about your profile, I'd say both.

Whole Life + Term covering both ECI and CI.

The question shouldn't be either or, but how much covering whole life and how much for a term.

The rule of thumb on amount to cover yourself for is 5 X Your Annual Income.

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