Term coverage only protects you for a limited number of years, while whole life provides lifelong protection—if you can keep up with the premium payments. Whole life premiums can cost five to 15 times more than term policies with the same death benefit, so they may not be an option for budget-conscious consumers.
Which life insurance is best for seniors whole or term?
Purchasing life insurance for seniors over 80 can be challenging. Because the maximum age for term life insurance is 89, people who want insurance over 80 should consider buying whole life insurance.
What type of life insurance is best for a 60 year old?
What type of life insurance is best for a 60-year-old? Term life insurance is the cheapest and best option for most life insurance buyers who need coverage for a specific financial challenge, such as covering a mortgage or providing for a loved one.
What is the best life insurance for seniors over 70?
What is the downside of whole life insurance? Compared to a term life policy, a whole life policy is more expensive and complex, in part because it's designed to provide a death benefit that lasts a lifetime.