Soon to turn 65 and have term insurance enough for burial. Now getting mail saying universal life is better now. What's your thoughts on this, continue term insurance which is going up because of my age or universal life.
If the only reason you have for life insurance is for a decent burial, you don’t need any other form of insurance. At some point that guaranteed term will expire, and the insurance will be very expensive. You’d be much better off setting aside $7500 or opting for a prepaid funeral plan and plot. Unless you have someone depending on you financially, there is no reason to buy expensive universal life at this age You’d only be making the insurance salesman rich!