Life Insurance, is it a scam?  

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(@david77)
New Member
Joined: 7 months ago
Posts: 2
05/05/2019 12:54 am  

Hey everyone,

I've seen a few people on here make the claim that life insurance is (generally) not beneficial. Let's say I'm middle aged, 2 dependents, 50k a year job, good health. Is it a good idea, if not where should I be putting that money? Is whole or term better? Can someone provide a clear (almost ELI5) pro and con list?

Any help will be appreciated!

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(@admin)
Member Admin
Joined: 2 years ago
Posts: 20
14/05/2019 4:32 am  

Hi David, thanks for your question and it is a critical one. Unfortunately, there is not a straight forward answer, because it depends what your focus is and what you want to achieve with insurance. Here a ELI5 questions to get you started. 

  • If you need help saving money and want to protect your family in case you die? Whole Life 
  • If you do not need to help to save money, but want to protect your family in case you die? Term Life
  • If you know how to save money, but do not want to protect your family in case you die? Mutual Fund and unitrust or ETF

A professional insurance agent will ask you many questions to learn about your savings and insurance knowledge to then guide you which product is the best for you. 


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(@david77)
New Member
Joined: 7 months ago
Posts: 2
30/05/2019 11:02 pm  
Posted by: david77

Hey everyone,

I've seen a few people on here make the claim that life insurance is (generally) not beneficial. Let's say I'm middle aged, 2 dependents, 50k a year job, good health. Is it a good idea, if not where should I be putting that money? Is whole or term better? Can someone provide a clear (almost ELI5) pro and con list?

Any help will be appreciated!

my issue has been solved!!

This post was modified 5 months ago by iBanding Support - Luke

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