WARNING, DON'T LET THIS HAPPEN TO YOU !!!!

[The Original Rooster]

I got a term life policy, it was maybe 25 yrs or so. It is designed to provide for my family if I die. Which I almost did. It will be expired ,but by the time it does my house and everything will already be paid off and they can live off my 401k.

And that's exactly what a term life policy if for. Lot's of folks want to talk bad about life insurance, term life insurance, etc. If used correctly, it's a valuable part of your financial planning so that your loved ones don't have to suffer financially if something were to happen to you at certain times in your life.

 

[Oldstick]

I'm no expert. But I thought everyone was aware that big life insurance was mainly for younger folks with a family, kids, home mortgage etc. In case something happens to the main wage earners. To cover any mortgage and debts left behind. The older you get it always gets more expensive because the odds you will die increase. And most policies will start phasing down the payouts when you reach retirement age and bottom out around age 70 or so, only paying out maybe enough to cover a funeral.

The theory is that the older you get, the less debt you should have. Paid off house etc. That is why life insurance is very cheap for young healthy folks but increases in price and decreases in benefits as you grow old.