Term life vs whole life? I am in my mid 30s and am considering to get a life insurance. I understand there are 2 different types, term and whole life. Which is it better for me and why? - Seedly
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corian

Asked 3w ago

Term life vs whole life? I am in my mid 30s and am considering to get a life insurance. I understand there are 2 different types, term and whole life. Which is it better for me and why?

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Term life insurance is an insurance product that insures you for a period of time or until a certain age. It provides coverage against death and there will be a payout in the event of the policyholder’s death/total and permanent disability/terminal illness diagnoses.

Whole life insurance is a life insurance product that is guaranteed to remain in force for the policyholder’s lifetime provided that the full premiums are paid or until the maturity date of the policy. There will often also be a surrender value or cash value of the plan after it has been held for a specified period of time.

The main difference will be the time period of the policy, the premium as well as the cash value.

Each plan has its own pros and cons. It will be good for us to understand more about your personal financial situation before providing you with advice.

Do get in touch with us if you are interested to find out more.

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Hi there. It seems like your focus is on death coverage. If so, I always say go for term. Term is much cheaper and higher in coverage than life insurance. Of course, you forgo the returns that you can get in life insurance, but that isn't exactly spectacular anyway. I'll say use the savings you get from term to invest elsewhere.

You can reach me here if you like to find out more. I cover the products of 9 major insurers like Aviva, NTUC, AXA, Manulife etc.

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Insufficient information to determine which option is better. Here is a comparison between the two: Term vs Whole Life Insurance Singapore

Generally, we need to determine your needs, coverage amount, coverage period, and budget. Above all, we need to have a proper discussion to understand how you wish to plan for the long-term. From there, we can evaluate which option is better for you. At the end of the day, these are merely tools in the market that may be able to solve your problem. But without understanding you or your problems, there isn't a need for solution.

I share quality content on estate planning and financial planning here.

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