Whole Life Insurance
Term Life Insurance
Asked by Anonymous
Asked 2w ago
Top Contributor (Jan)
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.
Top Contributor (Aug)
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.