But there are several reasons why you should consider buying life insurance. It offers a level of protection that few other investments can give. To determine what kind of life insurance is best for you, we first need to define the two primary types of life insurance.

Term Insurance

Term life insurance can be purchased in blocks of years ranging from five years up to 30 or 40 years. Term life insurance needs to be renewed every year, but most policies allow for automatic annual renewal. The automatic annual renewal feature runs out when you are age 85 in every state except New York, where the age is 80.

Term life insurance offers no face value to anyone except the beneficiary in the event of the insured’s death. Your premiums are usually re-evaluated every year and can go up from time to time. But no matter how high the premiums get on a term life insurance policy, it is always cheaper than a whole life policy.

Whole Life Insurance

Whole life insurance has some significant differences from term life. Whole life premiums never go up and, as long as you pay your premiums, the policy is in effect. Part of a whole life premium is an investment account that appreciates in value as you pay your premiums. The insured can take out loans against the cash value at any point and for any reason.

Another feature of whole life is the ability to borrow against the death benefit. If the insured needs to pay a significant expense such as a home repair or a child’s college tuition, then the money can be borrowed against the death benefit of the whole life policy. As long as the policy is in effect, the loan does not necessarily have to be paid back. But if you do not pay the loan back, then it comes out of the death benefit when you pass away. For example, if you borrow $100,000 against a $150,000 death benefit to buy a home and never pay the loan back, then your beneficiary would only get $50,000 upon your death. The loan would need to be paid back if you canceled the policy.

So why would you need either of these life insurance policies? There are very good reasons why you should consider buying both term and whole life insurance policies while you are still in good health.

Protect Investments

When you buy a home, start a retirement fund or start saving for your child’s education, you do so under the impression that you will be there to see those things through to the end. But what if something were to happen to you before you finished saving?

A term life insurance policy is an inexpensive way to protect your child’s college savings, make sure the family home is paid for if something were to happen to you while the mortgage was still in effect or help your spouse to see your retirement plans through even if something were to happen to you.

A 30-year term life insurance policy on a 30-year mortgage will make sure that your spouse and children do not lose the home if something were to happen to you. If you put a 20-year term life insurance policy on your child’s education fund, then you can make sure that your child receives the education he needs even if you are not there.

Estate Planning

A whole life insurance policy is an excellent way to ensure that your heirs get your estate without having to worry about legal problems with a will or other potential issues. You can use the death benefit and investment portion of whole life as an estate planning tool that will give you a safe place to invest your money while preparing for the future of your children. The death benefit can be seen as added value to an estate that can grow with the investment gains of a whole life policy.

Life insurance may not seem like something that is right for you or your family. But if you have any kind of investment or income that is worth protecting, then you need to look into life insurance.

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Whole life insurance policies, provide both a death benefit and cash value. Your monthly premium is higher, but your policy is an actual asset and will increase in value over time. The fact that your whole life insurance policy is an asset gives you a major advantage, in that it is something you can cash in or borrow against in an emergency. Of course, the death benefit will be reduced proportionately if you reduce the value of the policy by cashing in some of its equity. If you die before the loan is repaid, the balance due would be taken out of the death benefit, with the remainder distributed to your heirs

• Borrowing against Life Insurance There are many different types of life insurance, but the biggest factor to consider when purchasing a policy is whether to get term or whole life.
• How To Borrow From Your Life Insurance Policy If your insurance policy has a cash value, you may be able to borrow against it for quick cash at very low interest. You must be the policy’s “owner” to borrow.
• Should you borrow against your life insurance? Actually, borrowing against your life insurance is one of the things whole life, universal life, and variable universal life polices are designed for.
• Borrowing from Your Life Insurance Many times in life circumstances arise that require considerable sums of money in order to handle.
• Borrowing Against Your Life Insurance Policy When life throws you the proverbial curve ball and you need money immediately for bills, medical expenses or other problems, you might not have a whole lot of options.
• Can You Borrow Against a Term Life Insurance Policy? Before discussing whether or not you can borrow against a term life policy, you need to some basic information about these types of policies.
• Should I Borrow Against My Life Insurance Policy? Borrowing against your life insurance is like paying your bank to borrow money from your passbook savings (except your savings account probably pays more interest than your insurance policy, according to the Federal Trade Commission).
• Borrowing Against Life Insurance Policies When the current economic growth drags and your resources are hitting the all time low, borrowing from life insurance can seem a smart option.
• Debt Consolidation Loan or Borrow Against Your Life Insurance Policy? Debt is one of the biggest financial problems of our time and one of the most popular ways to handle the debt is to get a debt consolidation loan. However, borrowing against your life insurance policy can be a better solution.
• Can you borrow against life insurance if the place your work is the one paying for the policy? Most life policies at work are group term policies which don’t build cash value. If that’s the case, then no, you can’t borrow what’s not there.
• If You are Thinking About Borrowing Against Your Life Insurance If you have a cash value life insurance policy you may be able to either take money out of the policy or taking a loan out against the policy to help pay for your child’s college tuition.
• Borrowing Against Insurance Cash value life insurance products — such as whole life or universal life (but not term) typically allow the policyholder access to a portion of the funds in the account
• Borrowing Against Life Insurance Several years back, my husband and I needed some extra money and our financial advisor suggested that we borrow from a life insurance policy that had a cash value.
• How To Borrow Against a Life Insurance Policy’s Cash Surrender Value The cash surrender value of an insurance policy is basically the amount that can be availed of in case of cancellation of the policy.
• Whole Life Insurance: Borrowing Against Your Policy So last week, Tony Forcucci at The Anthidote Report left this interesting comment on my Sitting Pretty post that mentioned the debate between Term Life insurance vs. Whole Life insurance.
• Borrowing Against A Retirement Plan To Make A 20% Down Payment My wife and I are currently contemplating an interesting question: should we borrow against our retirement plans in order to make a 20% down payment and avoid PMI or an adjustable rate mortgage?
• Life Insurance: Coverage for you and your family When you have family members depending on your income, saving for the future of your loved ones is a good idea. Investing in life insurance will give you enough financial support to take care of the future of your loved ones when you are no longer around.
• Should I Borrow From My 401k Plan? When you contribute to your 401k, you are doing so with pre-tax dollars. However, when you are paying back the loan, you are doing so with after-tax dollars and you’ll get taxed again when you finally withdraw the amount during your retirement.
• Borrow from your IRA With hard economic times, there are a lot of people trying to find ways to borrow from their retirement funds. Many 401k accounts allow this, but what if your money is in an IRA?
• 5 Life Insurance Strategies for Retirement Planning When the nest empties, the need for life insurance diminishes. Baby boomers and retirees should think strategically about existing life insurance policies and future life insurance needs. Here is what to do with a life insurance policy as you approach retirement.
• 5 Aug Borrowing Against Home Equity – The Dangers During these times, borrowing money from the bank can be quite the slippery slope. A good way to get yourself in money trouble at a later date is to borrow against the equity of your home.
• Surrendering Your Life Insurance Policy If you no longer need life insurance or want to cancel for some other reason, you might be thinking about surrendering your permanent life insurance policy and withdrawing the cash value that has accumulated. But before you do it, here are some things you should consider.
• Nine Ways to Cut Your Credit Card Debt- Borrow from life insurance If it seems like you’re drowning in credit card debt and you’ll never get out, don’t despair. We have 9 ways that you can get rid of your debt, even if you think you don’t have any extra money.
• Life Insurance – Whole versus Term and choosing the right option First and foremost, we buy life insurance to provide for our families in case we pass away unexpectedly and cannot provide for them any longer.
• Retirement Plans and Saving for College Normally, if you withdraw money from a traditional or Roth IRA before you reach age 59-1/2, you would pay a 10% early distribution penalty on the distribution, in addition to any regular income tax due.
• I know I can borrow against my 401(k), but can I borrow against the value of my 529 account? No. Section 529 plans do not allow loans against an account’s assets. You can, however, make withdrawals from the plan to pay for qualified educational expenses.
• Why You Should Take Out Life Insurance on Your Kids Some children’s insurance policies build cash value, which they can use for school or other purposes. Of course, term life insurance policies don’t do this, but if you invest in a whole life insurance policy for your child, she will be able to borrow against the cash value, or simply cash out of the policy if she wants to.
• How soon after you get a whole life insurance policy can you borrow against it? There are no tax penalties, but why would you want to borrow against it?  You will basically be charged interest on the money your paying to the insurance company to begin with.
• 6 Ways to Save Money on Your Life Insurance Life insurance is always a very touchy subject, some feel it’s not needed while others argue that it is an important part of your financial plan. Often people are unsure how life insurance fits in their finances, everyone has unique needs and there is no “one product fit all” policy.
• Debt Consolidation One of the traps that many people fall into when it comes to debt is not having any cash reserve or emergency fund set aside. If you have no money set aside for emergencies you’re going to be in trouble when life’s unexpected crisis happen.
• Does it affect my credit rating if I borrow against my life insurance policy instead of getting a home equity loan? Borrowing against life insurance is NOT a good idea. There is a limit as to how much you can borrow and the interest is not deductible
• Borrowing Against your Life Insurance There are many methods of providing income for yourself that are more tax effective than working. Borrowing against your life insurance is one of them.
• How To Squeeze Cash Out Of Thin Air During The Credit Crunch After a long binge of borrowing, U.S. consumers face a credit crunch and a sagging economy. To sustain their living standards, many Americans are doing what comes naturally: scrambling to raise more cash.
• Guarding Against Life Insurer Demise If you hold a universal life, whole life, or other life insurance policy with a substantial cash value, I suggest moving double quick to:
• Borrowing against your life insurance? Is it really possible to borrow as an example, I purchase a 200K whole life insurance, and then borrow lets say, 100K and have the option of either paying it back + interest or just pay the interest?
• How Life Insurance Works Life is one big question mark: Will you be happy? Will you find love? Will you star in a reality TV show? Who knows? The only thing we can be sure of in life is that someday it will end. When, where and how are yet to be played out.
• Life Insurance and Your Home Trading up to a new home — and a bigger mortgage — means your family will need more money to remain in the home they love should something happen to you. Increasing your life insurance coverage to make up the difference can help your family continue to meet mortgage payments and remain in your home.
• The facts of life insurance – understanding the pros and cons of various policy types Life insurance is one of the financial basics that everybody needs–right? Well, as the song goes, “It Ain’t Necessarily So.”
• Borrowing Against your Life Insurance Because permanent life insurance policies result in the accrual of equity in a savings account, that account becomes an asset that may be used to acquire a loan.
• Borrowing against a life estate in a house Your question mixes two concepts: trust and life estate. While they are similarities there are important differences. A trust is generally created under a will (testamentary trust) or under a trust agreement (contract) created during life (an inter-vivos trust) or under a deed.
• Advantages and Disadvantages of Borrowing Against Your 401k If you are in the position of being bitten by the the economic “crunch,” you are probably in the position of trying to find possible revenue streams to help you get through these times.
• Cashing In Your Life Insurance Policy In tough economic times, people are sometimes left scrambling for cash to meet everyday expenses and lifestyle demands. Your life insurance policy is a possible source of funds – but should you tap into it?
• Whole life insurance makes a comeback In recent years, whole life insurance policies haven’t been among the most popular types of life insurance to purchase because of their high-cost.
• Borrow from life insurance Previous research has examined the demand for life insurance policy loans using aggregate policy loan data.
• Universal Life Insurance and Whole Life Insurance: A Comparison So you think you need life insurance, or you know it is time to review the insurance coverage you currently have (which is something you do every few years, right? Right).

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With such a drastic shift in the economy there has also been a shift in what finances retired couples have to live on.  And because the quality of life in this country has never been better or more expensive to maintain, life insurance is very important but a very difficult process with many difficult decisions to make.  Here is a list of 43 blogs reviewing the best life insurance plans for older couples to aid in that process.

1. Term Life Online – This blog gives warnings about specific life insurance policy limitations for older couples and seniors and sources for rate quotes.
2. Benefit House – This blog gives information about life insurance services for older couples that promise no hard selling and no medical exams are required.
3. Suite101 – This blog is a guide for how older couples can get the best deal and save some money on their life insurance purchase.
4. Senior Life Insurance Review – This blog reviews Medicare supplemental life insurance and what each part will cover.
5. ArticlePinch – This blog explains joint life insurance and why it is a very favorable option for many older couples.
6. InetList – This blog is about how to navigate through competitively priced life insurance and what options you may have as a couple.
7. Term Life Insurance Quote – This blog explains what term life insurance is, what it covers why it is the best, and why older couples need it.
8. Zunley – This blog covers which types of life insurance options are best for all stages of life including working and retired older couples.
9. Vitality – This blog has a comprehensive explanation of term and whole life insurance policies for older couples who are California residents.
10. Steve’s Blog – This blog is about how older couples who are not prepared may need to depend on outside family and friends rather than the safety net that life insurance provides.
11. Universal Life Insurance Quote – This blog gives simple explanations of the best types of life insurances available to older couples.
12. Compare Medical Insurance Plans – This blog compares different types of life insurance plans and pairs them with different ages of people including the elderly and older couples.
13. Level Term Life Assurance – This blog was written with the intent focus on older couples and if joint life or two single life insurance plans are really best.
14. Life Insurance for Senior Citizens – This blog has real facts for older couples about which life insurance policies are best and what should be important at this stage in your joint life.
15. Life Insurance No Medical Exam – This blog is a guide to the five steps of informed decision making about the best life insurance for older couples and other demographics.
16. AARPHealth Insurance – This blog is about the different plans under the Medicare life insurance plans and why they may be the best choice for older couples as supplemental life insurance.
17. Stumble Forward – This blog lists 7 reasons why term life insurance is the best for older couples.
18. Ensuring the Life – This is a blog about term life insurance for older and elderly couples and why this type of life insurance is often the best choice.
19. Roof Cost – This blog explores the most necessary types of insurance that older couples and elderly persons should have in order to be prepared and prepare their families for future and final expenses.
20. EzineMark – This blog is about variable life insurance and why it is important to read the entire policy before committing as it may not be the best for every older couple.
21. Gaudette Life Insurance – This blog is a guide for older couples who may not know a lot about their options and what is best when purchasing life insurance.
22. Insurance Coverage – this blog gives an overview of a recent poll and gives some oversight of some life insurance types and which may be best for different types of people including older couples.
23. Health insurance Products – This blog explains what an older couple may need to consider using life insurance for in order to consider which policy may be best for them.
24. 10 Minute Term Life – This blog takes an investigative look at whole life insurance with no physical exam and exposes whether older couples are being scammed.
25. Inexpensive Term Life – This blog has tips for older couples who are shopping inexpensive life insurance and want the best deal and the best features to fit their lifestyle and needs.
26. Life Assurance Quote – This blog discusses the joint life vs. the single life option for older couples and weighs which may be best for some.
27. First insurance – This blog explains why a joint life first death policy is best for older couples than many that have two single life policies.
28. Best Life Insurance – This blog gives advice to older couples about the advantages and disadvantages of buying life insurance policies online.
29. Article of Insurance – This blog gives older couples the tools and advice needed to choose the best possible life insurance policy they can for their budget and needs.
30. More Than Life Insurance – This blog give older couples a few links and suggestions about finding the best term whole life insurance rate quotes and policies.
31. Cheap Insurance – This is a blog that teaches older couples a few tips and tricks for finding the best life insurance for the least amount of money needed.
32. Article Den – This blog shares the secret that the best life insurance you can buy is the policy that an older couple buys together.
33. Facebook Sniper – This blog explains how older couples can obtain favorable rates for term life insurance by following a few simple suggestions.
34. Group Universal Life Insurance – This blog is about those older couples who are still employed and considering group life insurance under their employers.
35. Life Insurance Pro – This blog explains factors that raise premiums, how to find term life quotes and gives older couples helpful links for aid in Idaho.
36. Best Life Insurance – This blog explains the coverage under the controversial AARP life insurance program and if older couples will really benefit from it.
37. Insurance Plan Avenue – This blog explains the reasons why term life insurance is an older couple’s best bet for affordable and lasting coverage.
38. Best Insurance Tips – This blog examines why life insurance for older couples really is the best investment you can make as soon as possible.
39. Blog About Everything – This blog gives older couples the tools to compare online life insurance offers to find the best deals.
40. Pillow Talk Media Blog – This blog is about the advantages and disadvantages of guaranteed acceptance life insurance for older couples and if it is the best option.
41. Insurance Online 101 – this blog gives older couples the power to search for the best life insurance without leaving the comfort of their homes with rate quotes in mere minutes.
42. Global Life Insurance – This blog gives older couples tips about how to get the best life insurance quotes in order to make an informed decision about their joint needs.

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