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Advice on choosing tenure for Whole Life Policy

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Old 23-05-2020, 02:57 PM   #1
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Advice on choosing tenure for Whole Life Policy

Hi guys,

Planning to get a whole life policy.

For the same overall coverage, have a choice of tenure between 5 (min) to 25 yr (max).

5 yr tenure - ~2k per month - total expense 125k

15 yr tenure - ~800 pm - total 150k

25 yr tenure - ~600 pm - total 190k

Is it better to chiong and clear the premiums within 5y or leverage and invest the difference into investments for potentially greater returns?

TIA
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Old 23-05-2020, 03:06 PM   #2
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Hi guys,

Planning to get a whole life policy.

For the same overall coverage, have a choice of tenure between 5 (min) to 25 yr (max).

5 yr tenure - ~2k per month - total expense 125k

15 yr tenure - ~800 pm - total 150k

25 yr tenure - ~600 pm - total 190k

Is it better to chiong and clear the premiums within 5y or leverage and invest the difference into investments for potentially greater returns?

TIA
Leverage. Choose 25 years. What if anything happen on the 5th year? Are you paying everything while 25 years u only pay 5 years?
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Old 23-05-2020, 03:10 PM   #3
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Why buy whole life policy?

Better buy term insurance (for 20-30 years and pay premium monthly or quarterly) and save those money saved (from buying whole life policy) on something else!


Hi guys,

Planning to get a whole life policy.

For the same overall coverage, have a choice of tenure between 5 (min) to 25 yr (max).

5 yr tenure - ~2k per month - total expense 125k

15 yr tenure - ~800 pm - total 150k

25 yr tenure - ~600 pm - total 190k

Is it better to chiong and clear the premiums within 5y or leverage and invest the difference into investments for potentially greater returns?

TIA
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Old 23-05-2020, 03:44 PM   #4
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In general, insurance companies will love you very deeply if you

1) Pay more monthly
2) Pay more upfront (limited paying)
3) Lock up longer

If it is too good for them, it may not necessarily be good for yourself.

Why don't you buy a term insurance and invest the rest with a global ETF?
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Old 23-05-2020, 09:55 PM   #5
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Thanks for the comments.

Was thinking of whole life policy for their surrender values especially when we compare them with term for long periods of holding and can cash out in older years if cash needed, and the security that premiums esp for ECI CI riders do not increase much.

Will have a re-look at Term policies again.
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Old 23-05-2020, 10:35 PM   #6
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Thanks for the comments.

Was thinking of whole life policy for their surrender values especially when we compare them with term for long periods of holding and can cash out in older years if cash needed, and the security that premiums esp for ECI CI riders do not increase much.

Will have a re-look at Term policies again.
Yes which you can also compare the premium against a wholelife plan too. For your age wholelife plan maybe abit higher as its limited pay. What quote you have for wholelife plan? I just quote for u on term plan on another thread.
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Old 24-05-2020, 12:30 AM   #7
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Thanks for the comments.

Was thinking of whole life policy for their surrender values especially when we compare them with term for long periods of holding and can cash out in older years if cash needed, and the security that premiums esp for ECI CI riders do not increase much.

Will have a re-look at Term policies again.

Depending on your needs, you may want to consider a combi of whole life + term life, especially if u want coverage till 99 (your priority), as term life usually ends at 70 for most.

In this way, you can mix and match the coverage according to your needs as well.
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Old 24-05-2020, 01:08 PM   #8
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Thanks for the comments.

Was thinking of whole life policy for their surrender values especially when we compare them with term for long periods of holding and can cash out in older years if cash needed, and the security that premiums esp for ECI CI riders do not increase much.

Will have a re-look at Term policies again.
Please do not get side tracked by people

Have your own perspective and do your sums diligently.

I believe you are on the right track in choosing WholeLife policy.
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