Asked by Anonymous

Should I get term insurance or life insurance?

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  • Brandan Chen
    Brandan Chen, Financial Planner at Manulife Singapore
    Level 5. Genius
    Answered 2w ago

    Insurance is meant to be a tailored solution to fit each individual needs.

    Term is most cost effective for Death/Disabilty coverage, whereas for CI & ECI coverage, Whole Life may make more sense.

    Like what Hariz mentioned, its really not about Term or WL but rather what combination would fit both your needs and budget.

    Perhaps you should speak to a financial advisor that is able to provide you with proper advice. Alternatively, you may always reach out to me via https://www.facebook.com/brandan.chen

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  • Loh Tat Tian
    Loh Tat Tian, Ex-Financial Advisor, Founder at Singapore Insurance Value Finding
    Level 6. Master
    Answered 2w ago

    It really depends on your needs. But please do not just take our advice since we are unsure of your unique situation.

    Generally,

    IF you are below age 30, whole life and term does not matter that much.

    If you are above 30, you will need to calculate the premiums and see which suits you better. Most likely a term, but you will need to do your own diligence.

    Also, it depends on whether you have existing cover that is inflation protected (whole life). If you already have a whole life, you likely should not require another whole life, but rather a term life instead.

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  • Hariz Arthur Maloy
    Hariz Arthur Maloy, Independent Financial Advisor at Promiseland Independent
    Top Contributor

    Top Contributor (Mar)

    Level 7. Grand Master
    Answered 2w ago

    Yeah imma need more info than that buddy. Maybe you could post your profile? Age, number of dependents, estimated annual income.

    It also shouldn't be term or whole life. But how much term and how much whole life.

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