- You may outlive the duration of your life insurance coverage.
- No exam term life insurance may cost more than term life insurance that does require a physical exam.
The option to guarantee you do not outlive your life insurance policy is to purchase a whole life insurance plan. That way, you have guaranteed lifetime protection, as long as you keep paying your premiums on time.
In addition, whole life insurance may build upon some cash value inside the policy over the years, from which you may be able to take a loan, if needed.
On the other hand, since it is permanent protection, whole life does cost more than term insurance.
In additino, if you have health issues which may prohibit you from qualifying for coverage, there are guaranteed-issue whole life policies available for people ages 45 to 85.
That way, you cannot be turned down for coverage due to any pre-existing health conditions.
Learn more about how to get whole life insurance at age 75.