Dear Mr. Tan,
What are your views about buying Term insurance to age 90 and above? The agent said that the premium rate is lower than whole life policy.
REPLY
It is much cheaper to buy Term insurance to age 65 or 70 (rather than age 90). After that age, you do not need any life insurance, as you have retired from work.
If you need life insurance beyond age 70, it is better to buy a whole life insurance (rather than life-time Term insurance), as the whole life policy accumulates cash value. The life-time Term insurance is cheaper as it forfeits the cash value when you terminate the policy. There is a chance that you may terminate it by oversight, and suffer a loss.
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