Another reason why he is more interested in whole life as compared to term insurance is that he wants the cash value that comes with it. Majority of the people want something back after paying all those premium for many years. Anyway, I got him to send me the policy/projection document.
The policy is Family3 by Great Eastern. My friend will have to pay a $6,000 annual premium for the next 15 years and the minimum sum assured (death benefit) is $87,745. Once the premium term ends, he will be getting a guaranteed...