Whole Life or Buy Term Life and Invest the Difference?

Recently, i came across many of my clients asking me this question. So, instead of explaining one by one, i've decided to write this entry.

Look at what Suze Orman have to say in the video below. (Learn more about Suze Orman at: http://www.suzeorman.com/ )

Also, look at what Dave Ramsey have to say in his website here: http://www.daveramsey.com/the_truth_about/life_insurance_3481.html.cfm
(Learn more about Dave Ramsey at http://www.daveramsey.com/ )

He says:
Myth: Cash value life insurance, like whole life, will help me retire wealthy.
Truth: Cash value life insurance is one of the worst financial products available.

Another good explaination is at http://finance1o1.blogspot.com/2007/04/myths-about-cash-value-life-insurance.html .

A former insurance agent wrote a very good article here: http://www.epinions.com/finc-review-1C75-CFAC2FD-3926096C-prod3 .

She list 8 questions to ask the insurance agent, which is as below:
1. If I buy your whole life policy, when will it start building cash values?
2. If I want the money, do I have to borrow it?
3. If I borrow it, what happens if I don't pay it back?
4. If I pay it back, do I pay interest?
5. How much interest will I earn on this cash value?
6. If I die with an outstanding loan on the cash value, what happens to the face value?
7. When I die, do my beneficiaries get the face value and the cash value?
8. You say my premiums will be $25.00 per month. How much term insurance could I buy from you for the same amount of money?

By this time he will probably be packing his bag and getting ready to leave. My advice. Let him leave!

Is it the same in Malaysia? I might write more about it later, with some quotations and detailed explainations.