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Term Life vs. Whole Life Insurance for the Retired

By Compuquotes Team on March 26th, 2008

You have made it your whole life so far without life insurance, but you are suddenly feeling the need for one of many possible reasons to protect your family and loved ones with a new policy. Or perhaps you were insured up until now with a term life insurance policy, which has expired or is about to. In either case, good for you for understanding that your family will need a little help after you are gone.

If you are in relatively good health, you should be able to get a life insurance policy, although the costs might be significantly higher than if you had bought a policy at a much younger age. Do not let this deter you, however, or you will find that the cost of becoming insured will only rise over time. Life insurance companies look at the potential risk of each customer based on a variety of factors, one of which is age.

Now that you are ready to buy a policy, though, it may be hard to choose what kind of policy to buy. Whole life insurance covers you from the moment you pay your first premium until the day that you die, and will not increase in rate no matter what (as long as payments continue to come in on time, that is.)

Term life insurance, on the other hand, lasts a specific term, or period of time, and your coverage will end as soon as the policy expires. This can feel like gambling, however, as you try to guess how long you will live without going under. It would be a tragedy for your policy to expire the day before you die, even if term life is a cheaper alternative. It is also a very stressful guessing game, and costs will continue to go up each time your policy expires and you have to renew it.

If you are interested in term life insurance anyway, then it would be wise to consider a minimal investment for a maximum period of time (a thirty year policy) to protect yourself and your family. This is still not the best way to cover your insurance needs, however, and you would be wise to consider shelling out the extra initial investment for the peace of mind that comes with a whole life policy that will not expire.

This may seem like a waste of money to some, however the peace of mind and the security for your family after you are gone. If you have chosen to make the investment of life insurance for your family, then you should not skimp on the execution of the investment. Your insurance could save your family from a great burden of money at a time when they are already mourning your loss.

Take the burden off of your family with a whole life insurance policy, and enjoy the peace of mind that comes with knowing that your death will not be a financial detriment to your loved ones.

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