Some people
buy term life insurance as a supplement to a whole life insurance policy, to cover specific financial needs, such as a mortgage or college tuition.
Instead, for their clients seeking life insurance protection and wealth creation, they
recommend buying term life insurance and using the monthly savings to invest in mutual funds.
This article explains the process of
buying Term Life insurance without a medical exam including coverage amounts, sample pricing, and what information insurance companies use to determine your eligibility and rates.
Life insurance consumers over age 70 typically
only buy term life insurance to cover short term needs, but it will give you the biggest amount of life insurance for the lowest cost.
This article discusses reasons why
buying term life insurance after age 50 could be a good idea; for instance paying for final expenses, leaving a legacy, and protection for your spouse.
Some companies will
even buy term life insurance policies for cash, but only if you're quite old or sick, so likely to pass away during the policy term.
However, if you only need financial coverage for a particular period of time, you would probably be better
served buying a term life insurance policy with an additional insured rider.