Sensible way to insure yourself - with term insurance

No need to buy costly whole life plans for most of your protection needs

About a month ago, I gave a talk on insurance at a personal finance event. During the talk, I outlined how most of our protection needs can be met by using low-cost term insurance and that there is no need to buy costly whole life plans.

After the event, someone shared an article on Facebook showing that what I said might not be valid. The writer of the article stated that a whole life plan is actually cheaper than a term plan if you consider the accumulated guaranteed and non-guaranteed cash value.

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A version of this article appeared in the print edition of The Sunday Times on March 31, 2019, with the headline 'Sensible way to insure yourself - with term insurance'. Print Edition | Subscribe