Term and whole life insurance are very different policies, most people would probably say that term life insurance is better, but not necessarily, it depends on the situation. No blanket policy’s always going to be the best, so for most people that are over the age of 65 or even especially 70, a whole life policy is going to be a better bet. The reason why is that it’s going to go forever, it goes until death, you don’t need to worry about getting to the point where you are, for example, 86 years old, it could no longer get the insurance coverage that you don’t need to worry about an expiring term, and so these are a big deal. The older you get; the more security you want with your policy.
Now the advantages of term policies are that they’re larger coverage policies, so if you’re looking for a hundred thousand, two hundred thousand, a million-dollar policy, or more, then term policy might be what you want to look at. Still, they’re much harder to qualify for; you have to be in much better health, generally, three or fewer prescription medicines, in some cases, no prescription medicines. If you’re on one stronger prescription medicine like a gabapentin or something like that, then they’re just going to decline them, but there are, for example, you can be on a blood pressure or to blood pressure medications, cholesterol medication, very mild anxiety, or very mild depression medication would be fine, things like that, sigh roid, you know a pretty mild thyroid medication, so there are prescription medicines that are okay with term whole life insurance is quite a bit easier to get approved for. You definitely want to sit with an agent that’s going to have access to a lot of company options that you have the best chance possible of getting the lowest price since there are so many companies. Their prices do vary based on their actuarial tables. You’re going to want just to shop those out so just make sure that it’s an agent that has lots of access for you so that being said, again if you’re over the age of about 65 or 70, whole life might be the best bet, I have lots of clients that are 70 or low 70s, mid-70s and we end up doing a turn policy. Still, they get very expensive for those large coverage policies later in life.
Now if you are between the ages of 20 and 50, there’s a very good chance that you’re going to want turn policy, 30-year term policy, a larger coverage if you are between the ages of 20 and 40 probably a return of premium term policy possibly up to the age of 50 as well, possibly up to the ages of 50 as well and return a premium, but the prices do start to go up quite a bit between 40 and 50, but it’s worth looking at, depending on how much coverage you want. So I hope that this has been helpful, below, I’ll be happy to answer some questions for you, depending on your situation, I could make a recommendation for you and tell you what your options are, what the costs are, and then you can decide from there just what you want to do.
So this is Chad McMahan again with protect with insurance, hope this has been helpful information about whole life versus term life insurance and which is better. I look forward to hearing from you. take care.