Senior Living Guide5/9

Term vs. whole life, at this stage of life

Term life covers you for a set period — say 10 or 20 years — and is generally cheaper for a given death benefit, but it doesn't build cash value and coverage ends when the term ends. Getting approved for a new term policy, and at an affordable rate, generally gets harder with age and health history.

Whole life (including final expense) is priced to last your entire life and usually costs more per dollar of coverage, but the price is generally locked in and it won't expire while you're still paying premiums. Which one fits depends on whether you need coverage for a specific window of time or for the rest of your life.

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