The premiums on your whole life policy are going to be a whole lot less than a term policy at age 61. Also most companies are going to limit you to a 10 year term policy, which means that at renewal, the premium will be based on attained age. Over 70, the term policies become cost prohibitive. Term policy can be compared to renting a place, once you quit paying for the place, you don't have anything. I would keep my whole life policy, even though it may be more than you need. Another thing you need to be aware of is that life insurance transfers tax free. I would also advise you to have your spouse have a bank account, checking or savings, without your name on it. When you pass and medical examiner is notified, state freezes your accounts. No one can get a dime. Have a seperate account and instruct your spouse is to move some money before calling funeral home or anything.
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Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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