It depends on the needs of your family. In the event of your death, term life insurance is a low-cost means of providing a lump sum to your heirs.
It might be a good choice if you’re young, healthy, and able to provide for your family.
Monthly premiums for whole life insurance are significantly higher. It is designed to cover you for the rest of your life. The policy’s value increases as coverage ages, and the policyholder can withdraw funds for any purpose.
As a result, it can double as an insurance policy and an investment product.
At the conclusion of a term life insurance policy, do you get your money back?
Your term life insurance policy has no cash value if you are still alive when the term ends. Only in the event of your death will your beneficiaries receive the death benefit. Consequently, term life insurance is relatively affordable. Term life insurance policies are rarely used.
Can term life insurance be purchased by seniors?
The age of them is a factor. Term life insurance policies have a maximum age limit set by insurance companies.
This typically ranges from 80 to 90 years old, but it may be older or younger depending on the business.
Additionally, the premium increases with age, so a 60- or 70-year-old will pay significantly more than a person decades younger.
