Term Life vs Whole Life plan?

I will just state the obvious:

Option A - high-level of discipline + medium to high-level of financial knowledge, go for Term

Option B - Any others, go for WL. A lousy plan is still a good plan than no plan (Monies just fly to somewhere, a blackhole which you never get to see)

I will build on what Tat Tian has shared.

1) The main difference, besides cash value, is also the premiums. Another factor to consider is also your current age, if you are above 35, generally speaking, whole life plan premiums may be way more expensive.

2) Most importantly, you should consider what you need in terms of the various coverage. As a general rule of thumb, 10x Annual Income for Death/Permananent Disability and approximately 5x Annual Income for Critical Illness. You may also consider taking up 1 - 2 x of your annual income for Early Stage CI.

3) As for what would work best, it really depends on your investment skills and options. If you are able to generate the returns as per what Tat Tian has mentioned, you may consider going for a Term plan and put in the conscious effort to Invest the Rest.

4) Whole life as the name sounds only matures at age 99/100. I guess the Age 70 you are referring to is likely the multiplier effect which means the coverage for post-70 will be based on the Bonus plus Base coverage.

If you would like a tailored solution. Feel free to reach out to me via my email: [email protected]