The topic of buying Life Insurance popped into my mind again recently when the Straits Times covered a topic of how Insurance Product options have expanded online and how it can be purchased without the need of going through agents. So perhaps it is a good time to re-evaluate when Term Insurance is better; and when Life Insurance is better.
When can Whole Life Insurance be better than Term Insurance?
Previously, I did a short write up of the common types of Insurance shown which can be read here. Hence if you need a basic understanding of how Term and Life insurance works, you may read it before continuing this post.
The “Money Psychology” associated with Term and Whole Life Insurance
My conversations with others on the topic of Term and Life Insurance has unveiled an interesting observation. Many individuals do not consider the value of their Whole Life Insurance policy when calculating their net worth or for retirement. This …