The insurance agent says that you need whole life insurance, because the cash value is so poor that you need to continue paying the premium and be insured for the whole of your lifetime.
If you buy a 25 year term insurance and invest the savings in an indexed fund, you can accumulate sufficient savings over 30 years to stop your life insurance policy. You would have accumulated sufficient savings that will be more than the sum assured. You will not need life insurance any more.
Remember, if you listen to the bad advice of an agent, you will certainly need whole life insurance, because you will never be financially independent. But, if you invest your savings in an indexed fund, you do not need life insurance after 30 years!
- ► 2013 (304)
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- ► 2011 (1873)
12/05 - 12/12
- Risk of becoming an insurance agent
- Low cost investment fund
- Not insured under Medishield
- Political event of the year
- CPF Life - making a choice
- High speed trading in the stock exchange
- Property Bubble
- Oil price hit 2 year high
- Red Cross and donations
- 100 mishaps a day on expressways
- Renovation: Market forces decide certification fee...
- Be wary of dishonest agents
- Opposition participation and the coming election
- Suzy Orman
- Public talk by Dr. Jacques Attali
- Practical Guide on Financial Planning - case study...
- Standard of postal service
- Blatant cheating (3)
- Comparing whole life and term insurance
- Courts charged 36% on installment payments
- Computer buyers sent on a wild goose chase
- US to extend tax cuts
- High cost and poor standard of taxi service
- Excessive charges to boost profits
- Enjoy discounts on books
- US needs more quantitative easing!
- Social safety net
- TKL Tips
- Avoid insurance agents
- Blatant cheating (2)
- Indisputability clause in insurance policies
- Blatant cheating
- Pay premium for the whole of life
- Riddle - what is this object?
- Mobile games on Windows Phone 7
- FISCA talk on financial planning
- Medishield and Private Shield
- Unethical methods used to sell life insurance
- Revival of protectionism?
- TKL Tips
- Dividend yield on Singapore Equities
- ▼ 12/05 - 12/12 (42)
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- ► 2005 (159)