Spend less on insurance; invest the rest

Dear Mr Tan,

Now it has always been preach "buy term and invest the difference". But I was thinking term do not cover after the age of 62, where we may need medical or protection more at that age. Hence was thinking we should have at least one living policy?

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REPLY:

It is all right to have a living policy to pay for 30 critical illness. You can also buy a medical insurance plan to cover this risk.

Spend just a modest sum for these insurance plans. Invest the difference to earn sufficient money for your retirement needs.