Q. What is the difference between “term” and “whole life” insurance?
A. Term life provides death benefit only for a low cost in the early years. It gets
very expensive as time goes on. Only 2% of term policies ever pay a death benefit because
most people drop them when the cost goes up. It is excellent for short-term coverage.
Whole life provides lifetime coverage. The premiums are more expensive in the early
years, but you get level cost, a cash value buildup in a tax friendly environment,
low cost loans, and lifetime coverage. This can be an excellent long-term solution.
I’m over 65 and I no longer need or want my life
insurance policy. The policy’s death value is $250,000 or greater, and I would like to
see how much is it worth to me as a senior settlement,