What are some criteria to look at when purchasing whole life or term insurance?

Well, there is two schools of thought for this question. Is really depend what you are looking for. Aside to premium paid, you might want to look at the return, the coverage as well as the coverage duration.

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Whole life will be preferred if the insured is young and eCI rider will be able to provide coverage for whole life.

Also, with limited paying term, the insured will be able to get the maximum return upon surrender or maturity at a later stage. Currently in the market, there is no CI multi-payout plan for WL with rider (with exception to one insurer). And this provider also happened to be the more competitive one in the market.

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Term eCI will be preferred if the insured is of a certain age group. The advantage is, the coverage is higher and there is payout for recurring illnesses and remission. The disadvantage is there is no cash back and the coverage is for limited period.

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With the above, there is no really right or wrong answer. It is all depends on the insured age group and individual preferences.

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