Reply to @haydenching : At DollarsAndSense, we always advocate for people to look at insurance as a way to lower their downside risk. Buying the right types of insurance policies can help protect us and our loved ones from adverse circumstances, such as death, medical illnesses and accident.
It's hard to determine each person's downside risk without knowing them well. Generally however, when we start working, have a family and are in the peak of our career, our downside risk is also at its highest. This makes sense. If you are in your 30s making a 100k per annum, with a family of 5 to feed, you (and your family) have quite a lot of downside risk to protect against.
As for whole life or term, the names of the policies says it all! If you are looking for life insurance coverage for a period of time (perhaps while you are working till the age of 65) then you buy term insurance, if you want insurance coverage for life, even till your 80s or 90s, then you buy a whole life insurance policy. Otherwise, a term plan is good enough.
Thanks everyone for participating in our first AMA sessions ever. The AMA sessions have now officially come to an end.
A special shout-out to our kind AMA hosts for answering all our community members' questions! They did a great job!
We will have more of such sessions to come, for now Happy CNY everyone!
hi , which sector will be bullish in 2019?
Reply to @ninjaboi : This is a really tough question for me, especially since you are asking for 2019.
And if you read between the lines, you will get what I am
trying to say :)
Hi Timothy, how does one determine one's needs for insurance? Also, whole life or term insurance, which is better?
Reply to @haydenching : At DollarsAndSense, we always advocate for people to look at insurance as a way to lower their downside risk. Buying the right types of insurance policies can help protect us and our loved ones from adverse circumstances, such as death, medical illnesses and accident.
It's hard to determine each person's downside risk without knowing them well. Generally however, when we start working, have a family and are in the peak of our career, our downside risk is also at its highest. This makes sense. If you are in your 30s making a 100k per annum, with a family of 5 to feed, you (and your family) have quite a lot of downside risk to protect against.
As for whole life or term, the names of the policies says it all! If you are looking for life insurance coverage for a period of time (perhaps while you are working till the age of 65) then you buy term insurance, if you want insurance coverage for life, even till your 80s or 90s, then you buy a whole life insurance policy. Otherwise, a term plan is good enough.