“Buy Term, Invest the Rest” – if you’ve been researching life insurance policies in Singapore, you might have seen this phrase floating around on various forums and financial blogs related to the million-dollar question, “Should I get a term life or whole life insurance?” For the uninitiated, this phrase recommends purchasing a term plan instead of a whole life plan and using the additional money that would have been spent on the whole life policy to invest in other investment instruments that can generate higher returns. While there are merits in the above phrase, everyone’s circumstances and priorities differ, so you shouldn’t just take it at face value. To help you determine which is the right plan for you – term or whole life, we’ve prepared a few questions you can ask yourself. But before we can even begin discussing these questions, let’s first understand the 2 types of life...