The average man in the street assumes that Life Insurance and Life Assurance are names for the same form of insurance. How wrong they are! But don’t hang your head in shame, many financial commentators get it wrong too! Life Insurance and Life Assurance perform different financial roles and are poles apart in cost – so it helps to surf for the correct product.

Life Insurance provides you with insurance cover for a specific period of time (known as the policy’s “term”). Then, if you were to die whilst the policy is in force, the insurance company pays out a tax-free sum. If you survive to the end of the term, the policy is finished and has no residual value whatsoever. It only has a value if there is a claim – in that context it’s just like your car insurance!

Life Assurance is different. It is a hybrid mix of investment and insurance. A Life Assurance policy pays out a sum equal to the higher of either a guaranteed minimum underwritten by the policy’s insurance provisions or its investment valuation. The value of the investment element is then a reliant on the Insurance Company’s investment performance and length of time you have been paying the premiums.

Each year the insurance company adds an annual bonus to the guaranteed value of your life assurance policy and there is normally an extra “terminal bonus” at the end. Therefore, as the years go by your life assurance policy increases in value as the investment bonuses accumulate. The value of these bonuses are then determined by the insurance company’s investment performance. Once investment value has been assigned to the policy, you can cash it in with the insurance company. However, most people get a far better price for their life assurance policy by selling it to a specialist investment broker rather than cashing it in with the insurance company.

If you were to die during a Life Assurance policy’s term, the policy pays out the higher of either the guaranteed minimum sum or the accumulated value of the annual investment bonuses. However, if you are still living when the policy terminates, you usually get a bigger payout. This is because with most insurance companies, an additional terminal bonus is awarded.

There is a also a specialised form of life assurance called “Whole of Life”. These policies remain in force for as long as you live and as such, have no preset term.

There is also a practical difference for the internet user. Whereas you can buy life insurance online, the Financial Services Authority view life assurance as fundamentally an investment product. As such they believe it is best suited to being sold by a Financial Adviser with advice based on the Advisors full understanding of your personal details. Therefore, you will be unable to buy life assurance online. However, you can use the internet to find a suitable financial adviser with whom you can meet and discuss your requirements.

What are Life Insurance polices and Life Assurance policies used for?

Life Insurance is usually a focal point of the family’s financial protection. It is ideally suited to ensure that known debts such as a mortgage, are repaid in full in the event of the policyholders death.

When it comes to providing a lump sum for general use in the event that the policyholder were to die whilst the policy was in force, either life insurance or life assurance can be used. The differences are that with life insurance the size of payout would be preset whereas with life assurance it would depend on the guaranteed minimum and the insurance company’s investment performance. But remember, at the end of the policy’s term life insurance is worthless, whereas life assurance should payout a sizeable investment sum. In this context Life Assurance seems far more worthwhile but in practice more people elect for life insurance. Why? It’s a matter of cost. Life Insurance is considerably cheaper than Life Assurance. Furthermore, in recent years, investment returns on Life Assurance policies have fallen significantly and many insurance companies have placed penalties for cashing in policies early. This has adversely affected the resale value of Life Assurance policies.

Finally, if you want a product to provide a lump sum on your death whenever that is with a minimum payout guaranteed, you’ll probably elect for Whole of Life insurance. It’s really a form of lifetime investment with the benefit of a guaranteed minimum. They’re particularly useful for Inheritance Tax Planning.

Assurance, Inheritance, Insurance, Life, Policy, Tax

Life is precious to every creature (big or small) on earth. From a tiny ant to big rational agents every living being loves life and wants to protect it. For a human being the most prudent way to shield his life from all the forthcoming perils is to get life insurance. Life insurance not just guard the life of the policyholder but it is also a great help to other family members.

Life insurance pays for almost all the major misshapenness in an individual’s life. If the person is suffering from a chronic illness, it bears the medical expense. Life insurance money can be used in cases of a severe accident. After the death of the policyholder, the insurance pays for his funeral and other related ceremonies. Thus life insurance is a big financial assistance not only when a person is alive but also even after it.

However the extent to which a policy will be active or beneficial depends on the kind of life insurance policy taken by an individual. For instance, the term life insurance policy is all about protecting a person for a term before he dies. But if the individual dies during the policy term, the beneficiaries receive the benefits. Term life insurance is ideal for those who want that specific needs such college tuition; mortgage payments and car payments should be cared for at their death. This insurance is also favorable for the families who cannot afford to pay large monthly premiums. It is also good for senior citizens who know that they will kick the bucket soon. Many companies associate different terms and conditions with the term life insurance policy and so offer several types of it. The term life insurance an also be converted to any other form of insurance such as whole life insurance.

The people who seek to insure their entire life and are ready to pay big premiums throughout should go for a Whole Life insurance policy. This policy is good for young but not meant for the old. The whole life insurance has a distinguished “cash surrender value” feature. The cash value (composed of cash value and dividends) keeps on incrementing annually according to a specific schedule in your whole life insurance policy. Many whole life policies reward the policyholders with dividends that can augment the entire cash value.

Besides these kinds of life insurance policies are also health insurance policies. These policies are devised for those suffering with chronic illnesses particularly cancer. Such policies are difficult to acquire (for very few agencies offer them) and are usually offered at high premiums. The health insurance may pay for some of the patient’s treatments but it does not pay for everything.

Prior to purchasing a life insurance policy, a person should make a prudent assessment of his current situation and needs. Accordingly he should look up Internet, consult friends and relatives to find either a reliable insurance company or an agent. Choosing from where (insurance company and agent) and what kind of policy to adopt is a challenging task that requires lot of consideration and discussion.

Discounts, Insurance, Life

At last, a real life insurance bargain – but as always there are strings attached!
If you take out a new pension policy after 6 th April 2006 and within the same premium pay for life insurance cover, then you can use your pension contribution tax allowance to reduce the cost of your life insurance. This means if you’re a standard rate taxpayer, you’ll receive 22% tax relief on your life insurance premiums and relief at 40% if you’re a higher rate taxpayer.
The combined premium you pay for your pension and life insurance will automatically be reduced by 22% by the pension provider. But if you’re a higher rate taxpayer, you’ll need to claim the balance to bring your relief up to 40%, on your year-end self-assessment tax return.
But there are three strings attached:
• The pension company must also provide your life insurance and be paid as one combined premium.
• The current value of your pension fund plus the sum insured by your life insurance policy must not exceed £1.5 million.
• Your combined annual premium for your pension and life insurance must not exceed £215,000.
In practice the savings on your life insurance will not be quite as big as you might otherwise expect. Its because the underlying premium for the life insurance cover will be a bit more expensive than a stand-a-lone policy with the same company and, in all probability, the insurance company providing your pension policy won’t be the cheapest on the life insurance market. Furthermore, you can’t buy a combined pension and life insurance policy online – so you’ll miss out on the Internet’s discounted life insurance prices.
Nevertheless, if you’re a higher rate taxpayer, your tax savings are bound to guarantee that your life cover is a real bargain! If you’re a standard rate taxpayer you’d be wise to do a little homework. Before you buy, you should get an online quote for life insurance to compare against the price you’d pay if you bought it alongside your new pension.
There are some other points you also need to know. Firstly we know you’ll ask whether you can convert your existing life insurance policy into a combined pension purchase. The answer is no! The tax relief is only available if from the outset, you take a pension and life insurance policy as one combined purchase.
Secondly, the life insurance cover can only apply to the owner of the pension policy – you can’t add in anyone else on the life insurance policy. Joint policies aren’t available as a pension/life insurance package.
And whilst many people also add critical illness cover to their life insurance, this is not possible when you have a pension/life insurance package. Critical illness cover pays out a tax-free lump sum if you are diagnosed with a specified serious illness which is listed on your policy. If you want critical illness cover, you’ll have to buy a normal stand-a-lone policy.
Finally, if you’re going to buy a pension life insurance package and replace your existing life cover, a few words of warning. You’ll obviously be older now than when you first took out your existing life insurance policy. This means that the premium rate on your new cover will be higher.
Furthermore, the premium for your new policy could be loaded if you’ve developed any medical conditions since taking out your original life insurance. Remember, even if you’ve simply put on weight, your premium could be loaded. In extreme medical cases, the proposed insurer might even totally refuse to provide life cover. To avoid the possibility of being caught without life insurance cover or being forced to accept a more expensive premium, you should obtain written confirmation from your pension company that they will insure you. You then need to compare their proposed cost, net of tax, with your existing premium.

Insurance, Life, Pensions

There’s a new critical illness policy on the market which attempts to go some way with regard to sorting out the perplexity regarding exactly what is, and is not, covered when it comes to claiming on the policy.

Traditional critical illness policies tend to cover up to 35 listed medical conditions. Policyholders could become seriously ill with a condition that doesn’t fall into the scope of the policy and find that their illness is not covered, whilst others may be diagnosed with a listed illness with a lower “grading” which is relatively easily treated, for which they get a full payout.
Because of this inequality, the Financial Services Authority is uneasy with regard to insurers failing to fully understand that cover is restricted to certain specific illnesses.

This new product is marketed by the Prudential, under the name of the Flexible Protection Plan, and is unusual in that it claims to cover an amazing 140 medical conditions. However, cover is based on the severity of the condition which could possibly cause some uncertainty regarding the grading of these illnesses.

This is how the plan works:

Listed in the policy are practically all serious illnesses and the payout when one these is diagnosed will be graded according to the severity of the condition. The Prudential says that by tying payments to the degree of seriousness of the illness means that more payments can be offered to people with debilitating illnesses, who may otherwise get nothing at all. An example of this is that should you lose the sight of one eye; the Prudential policy will pay 25% of the sum assured. Normally, critical illness policies would only pay out when total blindness occurs. In all, 140 severe conditions are covered.

A spokesman for one of the specialist financial advisers welcomed the range of the policy, but voiced some concern regarding the implementation of these severity-based payments, saying that it would be open to argument as to what level of severity some illnesses would be graded as. It was felt that it would not be advisable to enter into this type of policy unless you had a very clear understanding of exactly how it would work. We quote “It will be up to the consumer to decide whether a guarantee of getting a smaller payment is better than possibly getting nothing.”

The cost of this new policy is approximately twice as much as conventional critical illness cover.

If your main concern regarding insurance cover should you become critically ill would be the financial outcome, it might be better to consider life insurance. Particularly, if you have a family to support, you may need something that is going to guarantee their lifestyle in the worst case scenario and with the addition of some income protection cover, which would meet outgoings in the event of you becoming unable to work due to illness. This type of cover, unlike the critical illness policy, protects you against common conditions, which result in you being unable to carry out your work.

The best course of action would be to contact a broker and check out the alternatives. The internet’s a good place to start and there are some good internet discount’s available, along with plenty of advice. A good broker will be able to compare the products available and come up with the right insurance product for you.

Cover, Critical, Illness, Insurance, Life

If you are diagnosed as having a life-threatening condition then critical illness insurance will pay out a tax-free lump sum.

Most policies combine life and critical illness cover, paying out whichever happens first; Death or critical illness.

Illnesses covered

To call itself critical illness a policy must follow guidelines and offer the minimum of the following.

Cancer – advanced cases

Heart attack – if adequately severe

Stroke – resulting in permanent symptoms

However, the majority of policies cover more than these three. Kidney failure, major organ transplants, multiple sclerosis and bypass surgery are typically covered in basic plans.

Permanent loss of hearing and sight and permanent disabilities, that prevent you working, are covered in comprehensive plans. Some cover against loss of a limb.

Not covered

Conditions are only covered if they meet exactly with the policies definition. If a condition is classed as insufficiently severe, such as some types of cancer, it will not be covered.

Likewise, after reaching a certain age, many policies do not cover certain conditions. Many will not cover Alzheimer’s if diagnosed after 60.

Additionally, many policies do not cover:

Injuries, self-inflicted

Alcohol or drug abuse

Flying – besides normal passenger flights Participating in hazardous sports and pastimes

HIV- and Aids-related illnesses – unless caught from a blood transfusion, through physical assault or at work in the emergency services, medical profession or armed forces

Not following medical advice

War, rioting or civil commotion

Most policies pay out after a “survival period” of normally 28 days, not on diagnosis. If you die within 28 days of meeting the policies criteria, no payment will be made.

Where to buy critical illness insurance

An independent adviser or broker would advise you best on buying critical illness insurance as policies vary so much. They would be able to advise you which policy is best suited to your needs.

They will also advise how much cover and for how long you need it and if critical illness and life cover combined would be beneficial.

No policy will pay out if you already suffered from a critical illness when you purchased the cover. It may be the same if you previously visited your GP regarding a problem that turned out to be critical.

When applying for insurance it is imperative that you answer all questions accurately. “Material facts” that are not disclosed could result in claims been refused.

Premiums

Premiums vary depending on a number of factors, such as policy chosen, age, the amount you want the policy to pay out and if you smoke.

Putting in a claim

Always follow the policies guidelines, if you make a claim. The policy, for example, may need diagnosis from a UK specialist who specialises in medicine associated with your illness. A GPs diagnosis may not be enough.

Your claim will be rejected if your condition does not meet any definitions listed in your policy.

Alternatives

Income protection insurance is sometimes a better option for some. If, as a result of an accident or illness (not necessarily critical) you cannot work then you will receive a tax-free income.

Criticial, Health, Illness, Insurance, Life, Medicial

As a reaction against recent criticism that sickness policies are being mis-sold, the industry claims that it has already put new guidelines into place. A review by the ABI provided more rigorous standards, with easier to understand headings on brochures and standard wording to give a clearer picture.

Some providers have also reduced the number of people they refuse – to 15 per cent, at Standard Life, or 11 per cent in the case of Scottish Provident. In total, Scottish Provident paid 45.5million pounds in claims in the first 6 months of last year, with cancer being the most frequent trigger. This brings the amount paid by the insurer to 344m since 1996. Standard Life paid out 5,047 death and health claims in the same period to the value of 134million pounds.

The majority of people, whose claims are refused, are denied a payout because they did not declare a pre-existing condition. Others fail because their illness does not fall within the bounds of the policy. This mistake is easy to comprehend. What is covered as critical illness to one insurer is excluded by another.

If you take out a loan with Sainsbury’s Bank, you will be asked if you require its creditcare protection insurance. The highest price “gold level” includes insurance for critical illness. But what the policy covers will be very different to that on offer from Standard Life.

At Sainsbury’s it covers open heart surgery, strokes, heart attacks, kidney failure, quadriplegia and paraplegia and kidney failure. Cancer also features on the list though there are exceptions, including all but the very serious prostate cancers and lymphoma and skin cancer.

Standard Life encompasses 30 different illnesses including the seven highlighted by Sainsbury’s. They range from the human form of mad cow disease and third degree burns to bacterial meningitis and Parkinson’s disease. The company’s definition of cancer has the same exclusions as Sainsbury’s.

Insurance broker Simon Burgess states he will not sell critical illness cover since, in too many cases, policyholders never claim or the policy fails to pay out “You see adverts which say one in three people will get cancer and how a critical illness policy will help. But these policies are cancelled when people reach retirement age and that’s when most people get cancer. The figures for cancer are nearer one in 40 before 70 years of age, but the adverts don’t tell you this.”

Mr Burgess also says that the financial advice industry is guilty of churning policies. This means that advisers recommend clients to review policies every five years because it may give them a better deal. According to Mr Burgess this is just a money-spinning exercise because each new policy gives commission to the financial advisor. In some cases this can be equivalent to two year’s worth of premiums from the policyholder.

Even some of the largest providers of critical illness insurance agree that there can be better alternatives for paying the mortgage or generating an income when life-threatening illnesses stop you from working.

In today’s world, a person can sometimes be fighting cancer or other diseases for a number of years. If they are unable to work whilst receiving treatment or recovering from side effects, a lump sum payout from critical illness cover could run out very quickly.

It is worth looking into other kinds of policy such as family income benefit or an income protection policy. With the latter, for example, a payout would be made for a bad back if it prevents you from working.

Clearly this would not be covered in a critical illness policy.

Mick James from Standard Life says. “For every income protection policy sold, people buy four to five critical illness policies.”

Yet that is an improvement on some years ago when the ratio was 10 to one. The fact still remains that the industry as a whole needs to do more to explain the alternatives to people so that they are able to make an informed choice.

Criticial, Health, Illness, Insurance, Life, Medicial

A life assurance policy could help you to supply your family unit with financial surety once you pass away and can no longer provide for them. There are several methods you may use to obtain an ordinary life insurance quote. Acquiring your whole life insurance quote online is one method you may employ. Here are 5 tips for finding a whole life insurance online quote.Tip #1. Discover what is a life assurance policy.
A Life insurance policy constitutes a contract between an insurance firm and the insured person which promises to pay out a certain sum of money to your beneficiaries in the case of your death. It also lays out the provisions of the life assurance coverage. These provisions include premiums, loan processes, face amounts of money and the appointment of beneficiaries.Tip #2. Learn more about how a life insurance policy works.
The benefit from a life insurance policy is not for you. It is to bring home the bacon for your loved ones after you have passed away. The life assurance income is paid to those who trusted you to provide them with a dependable standard of life which they could possibly lose whenever you should die.Tip #3: Save time by getting a quote on the internet.
If you are in the marketplace for whole life insurance you may consider obtaining your whole life insurance quote online.
Acquiring a whole life insurance quote online does not call for a great deal of research on your part. Just use one of the several insurance-related web sites that have extensive databases of insurance companies that provide whole life insurance quotes online.Tip #4: Save money by getting a quote on the internet.
When you check for a whole life insurance quote online, you do not have to pay for the quote. It may also be conceivable to find whole life insurance online that costs less than what you might get hold of at your local insurance policy agent’s business office. Bear in mind that life assurance company rates are regulated by law, therefore rates will normally be the same online and offline. So be suspicious of companies offering a rate difference that looks too good to be true.Tip #5: Getting an online quote can be easier.
If you are planning to apply directly for life insurance, then you may discover that it is simpler to apply online. Altogether this information will enable you to arrive at the right conclusion about the best company to get your most desirable life insurance policy from.
Getting a whole life insurance quote online can be a very good and accessible way to save you both time and money when browsing for whole life insurance. The quotes are free and you are never under any obligation to accept any quote that is provided to you.
You now know a little more about discovering a better quote than you did a couple of minutes ago. If you are curious you can spend some time exploring and reading more about it on the World Wide Web.

Assurance, Insurance, Life, Online, Policy, Quote, Whole

A Life assurance policy is a contract between an insurance firm and an insured person which endeavors to pay out a certain sum of money to the beneficiaries of the policy as a direct result of the insured person’s death. There are essentially 2 primary forms of life insurance policies.
About all of us are acquainted with term life assurance, since it tends to represent the more popularly selected of the two. It is less costly and it only lasts for as long as you require it to last.
Whole life insurance is life assurance that underwrites you for the entirety of your life, unlike term life insurance which simply covers you for a definite quantity of years. With a whole life insurance policy, your beneficiary will receive a death benefit. Whole life insurance policies also provides you the alternative of unchangeable premiums, which means you will pay the same premium as long as you faithfully keep up with payments. Your premiums may not increase!
Here are 12 things you should know about life insurance.
1. Life insurance for a child is cheap. Purchasing cheap life insurance for your child guarantees that your child will have the protection that life insurance offers.
2. The reason behind purchasing life assurance is so that the dependents can maintain their lifestyle in the event of death of an income earner.
3. The insurance policy must be active when the policyholder passes away, otherwise there is no insurance coverage available. If you were to pass away whilst the policy is in effect, the insurance firm pays out a sum of money. If you outlive the remainder of the term, the policy is stopped and delivers no residual value whatsoever.
4. The easiest way to ensure that your dependents maintain their standard of life is to provide for a replacement paycheck upon your death.
5. An underwriter can easily calculate how much life insurance you’ll need by calculating how much is needed to replace your income in the event of your death.
6. The life insurance policy pays up a face value death benefit whenever you die or a “cash in value” of the policy if the policy is stopped.
7. Smokers are considered to represent a much higher risk of dying of smoking related diseases and will pay proportionately higher premiums for their life assurance.
8. Requesting a life insurance quote online can save you time because online request forms can be completed in a matter of minutes.
9. Capturing a life insurance quote online is more economic as you do not have to hire the services of a broker or an agent.
10. You are able to hunt for life assurance companies yourself by entering your insurance keywords into a search engine and then going over and fine-tuning the results.
11. Many of the insurance companies have an online form that you may fill out and submit. They will then reply to you with the quote.
12. If you are searching for a life assurance quote, you will be required to complete the forms and submit them online in order to receive quotes.
The life insurance quote business online is prospering. Discovering a life assurance quote online can spare you clock time and money.

Insurance, Life, Online, Policy, Quote

You have taken out a critical illness insurance policy so that if you ever are in the unfortunate situation of developing a life threatening condition, you will be compensated.
But what if you wind up with a critical illness that is not guarded against on the insurance policy? What many people do not realise, and what can be of real concern, is that you may find that after you have purchased critical illness insurance you are only covered for up to 35 listed medical conditions. And this is the deal with most insurance policies. So if you develop a life threatening illness not named in your policy you could be faced with the disastrous situation where you get no pay out from your insurance company at all.
On the other hand, it could be that you have an easily treatable sickness and because it is ranked with what the insurance industry calls a “lower grading”, you end up getting a full payout.
The Financial Services Authority and the Association of British Insurers are wary about whether insurance companies actually make these differences clear.
Jonathan French, a spokesman at the Association of British Insurers, says it is important that customers have an insurance policy fully explained to them before it gets purchased. “The situation we would not want to see occurring is for them to be buying a product thinking that it does something it doesn’t do.”
And for this reason, the ABI recently updated its codes of best practice for critical illness insurance. French says until recently, 35 conditions was the maximum number any company covered for critical illness insurance.
“What we set out are essentially the minimum standards companies have to apply to their policy. The guidance we have published improves the way the critical illnesses are defined. It makes it clear to consumers what levels of illness are covered and what aren’t.”
The cost of critical insurance varies. For someone in their late 30s for a 35-year term with a payout of £500,000, premiums cost anything up to £600. Scottish Equitable charges premiums of £290 and Scottish Provident charges £409 premiums for policies based on these conditions. Both these policies are reviewable. A guaranteed policy with Scottish Provident is £560.
So these figures give you an idea that the amount of money you pay out for this type of insurance can be expensive. You can imagine how infuriating it could be to find that you have paid out on the policy only to learn that when you do become critically ill your insurer will not pay you out.
There is now, however, a new critical illness product on the market. Prudential is marketing a new ‘Flexible Protection Plan’, which covers up to 140 medical conditions.
In the ‘Flexible Protection Plan’ there are partial payouts depending on the severity of the condition. If the condition worsens, there is more paid out to the maximum sum which has been insured. Most other policies do not offer partial payouts.
Take loss of eye-sight for an example. It would normally be the case with a critical illness policy that you would only receive a pay out if you became completely blind. But the Prudential policy will pay out 25% if you loose sight in just one eye.
But here is the catch. The cost of the policy is almost twice that of conventional illness cover and spectators worry that there will be some confusion about how the severity of an illness would be defined.

Critical, Illness, Insurance, Life

Life insurance is planned to protect your household and others who may depend upon you for financial support. Having insurance protection may secure anybody of semipermanent financial freedom and peace of mind. Here are 7 reasons why you might like life insurance.Reason #1: A life assurance policy is valuable whenever you have somebody depending upon you for financial support.
The policy stays active until you either cancel it, stop paying insurance premiums or pass away. In the case of your death, an amount of money is paid out to the beneficiary you named. The policyholder has womb-to-tomb coverage without any future medical checkups, unless an alteration is made to the policy’s contract.Reason #2: The cash in value of a policy is the amount of money you could receive should you choose to cancel your policy.
If you live longer than the length of a term life policy, no money will be paid out to you. If this takes place with a whole life insurance policy, you will still have an investment fund share left.Reason #3: Whole life insurance consists of life assurance plus an investment on which you are able to earn interest.
Whole life blends a term life policy with an investment element. You consequently pay part of your premium for the insurance coverage and the other part for an investment fund that earns interest.Reason #4: Term life insurance costs less than whole life insurance since the premium you pay is for life assurance alone.
Term insurance covers the policyholder for the duration of the policy and has no investment funds connected to it. A Term life insurance policy may be a better alternative if you are going to keep it for shorter than twenty years.Reason #5: You can borrow money against the cash in value at the latest policy loan rate of interest.
A part of the money you pay into a whole life insurance policy is invested and collects a cash in value. The life insurance premium you pay is carved up between the insurance coverage and tan investment fund. The income on the cash value of the policy can be withdrawn or borrowed against in the form of a policy loan by the policyholder.Reason #6: A whole life policy may be employed as an estate-planning medium.
A policyholder can establish an insurance trust which will use the returns of the policy to pay the estate taxes once the policyholder dies.Reason #7: The policyholder commonly pays a steady premium for whole life which ordinarily does not increase as a policyholder matures.
A whole life insurance policy may be a better alternative for older folks since term life insurance gets increasingly more expensive as you reach 60 years of age.
What type of policy might accommodate you the best? Whole life insurance or term life insurance? You should consider your fiscal budget, estimate how much you are capable or willing to pay for a policy and then do a life insurance comparison. The solution to your life assurance needs is a subjective and fiscal one that had better be considered carefully before arriving at a decision.

Insurance, Life, Policy, Term, Whole