I just turned 59 today. I have no children. Not married. I have term but as you know it will expire. Should I buy whole to leave no burial money needed to my family.Thank you.

Terry Says:

I can’t see any reason for you to own life insurance — unless you want to leave money to a charitable group.  In my opinion, you’d be better off putting those premium dollars into your retirement account.  Or in buying long term care insurance (see my recent articles in the archives at www.TerrySavage.com).  Being alone in the world may seem ok now, but when you’re older if you need assistance, you’ll be glad you have long term care insurance — not only to cover the costs, but for the “case management” services they provide.  I hope you never need it, but it would be a blessing if you do.  (And if you buy a “combo” life/LTC policy as described in my recent column, then your money could also provide a death benefit for a charity if you don’t use the care provisions.)  Oh, and belated happy birthday!  This could be a great present to yourself!