Term vs Whole

When we think of term life insurance, we tend to think of young adults who are in their working years. They are in the middle of raising kids, saving for college, and paying off mortgages. They usually buy some term life insurance to protect their family if they die, and of course, many term policies also come with optional disability or critical illness riders. Of course, younger people do pass away, but mostly these policies are also great deals for life insurance companies. Most people do not collect the full benefit, either because they survive the 20 or 30 year term life insurance policy, or because they drop the policy at some point in the long term.

But more and more, we are asked about term life insurance for older people. Baby boomers, and even senior citizens need a few more years of life insurance protection. Perhaps they are putting off the traditional retirement age, or still have a mortgage or business deal they want to cover. Perhaps an annuity or investment needs a few more years to mature before they want to start using that as money to live on. Or nowadays, stocks may be low, and older people want to leave their money in until the market goes up again.

There are lots of reasons that older people might like to add an extra 10 years of term life insurance protection.  You can find term life insurance to age 75 with many companies. You may need to settle for a moderate face value and a shorter term, but the plans are out there. And you can even find term life insurance with no physical exam.

However, much older people, and people with severe health conditions, will probably need to look at guaranteed or simplified life whole life insurance, as a final expense policy. You can find final expense insurance quotes here.

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