Why term life insurance is better for most people

Why buy term life insurance?

There are several reasons as below:

Cheap Premium, Big Coverage: As mentioned in Cheapest Life Insurance Singapore,  you only need pay cheap premium for term life insurance, while get financial protection with a big sum assure.

Simplicity:  Planning financial goals around a whole life insurance plan can get really complicated. However, Term life is the essence of simplicity — pay the premium, get protection for the term; pay more premium, get more protection.

Multiple Flexibility: A lot of term life insurance policies provide both “renewable” and “convertible” feature. The “renewable” feature ensures that you can re-new for another term policy without a medical exam. The “convertible” feature allows you to convert your term life policy into an equivalent sum assure of whole life insurance policy from the same carrier during the term of the policy. Not all term life policies offer these features, however, so be sure to ask for them specifically if you want them. (In particular, be sure you fully understand what they mean by “renewable” and “convertible“) On the other hand, whole life insurance policies only work out well when they are held for life. Once you’re in, it’s tough to get out without a little financial pain. Don’t consider too long whether to buy term life insurance or buy whole life insurance, the right way is to buy “renewable” and “convertible” term life insurance to protect your family’s finances and then take your time to consider whether to convert it to whole life insurance, because you and your loved one are unprotected during the period of your hesitation.

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