He only has one health issue which is Rheumatoid arthritis, otherwise in good health.
Me and my husband are both close to 50 years old. What is the best insurance to purchase? I know that term insurance expires. Does that mean if you do not pass within the term you do not get any money back that you have paid into it? Thinking about a $250,000 dollar policy.
Yes, with regular term life insurance, if you outlive the term, or duration, of your life insurance, your policy expires and you get nothing back. However, return premium term life insurance, which costs a lot more, does return most of your premiums if you outlive the term of your life insurance policy.
As for what type of life insurance is best for you it depends on your goals, what you want your life insurance to accomplish. If you have money saved for your final expenses, and only need life insurance to pay off the mortgage, provide for the children, and pay for their education, you may want to consider a 20 year level term life insurance policy which usually offers the most life insurance for your money. The premiums and amount of life insurance remain the same for the entire 20 year period. You may want to consider buying level term life insurance for you and your husband, to make sure your children are provided for if either one of you passes away.
Here's how you can learn more about level term life insurance and how it works.