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 Cautionary Tale - by Ian Minshull. In the early 1950s my father bought an Allis Chalmers B and I used it for all the row crop work with the mangolds and potatoes, rolling and the haymaking on our farm. The farm and the Allis were sold and I have spent a lifetime working on farms throughout the country. I promised myself that one day I would own an Allis. That time event
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