Life insurance, explained honestly

Term, by a wide margin. You are renting pure protection for a set number of years, so the premium per dollar of coverage is the lowest of any policy type. Our term life guide shows how to size it.

Term covers a set number of years at the lowest cost and then ends. Whole life covers your entire life and builds cash value, at several times the premium for the same death benefit. Buy term for a season of need and whole life only for a genuinely lifelong one.

Indexed universal life (IUL) is permanent life insurance whose cash value grows based on a market index, inside caps and floors, with flexible premiums. It is more complex than term or whole life and its illustrations are often oversold, so judge any pitch by the guaranteed column. Our full IUL guide walks through the mechanics, the costs, and who it fits.

Often, yes. Term becomes expensive and short at that age, so most buyers over 70 look at final expense coverage: a small permanent policy with simplified underwriting. Guaranteed-issue versions skip health questions entirely in exchange for a waiting period.

Only if someone still depends on your income, or your death would leave real bills behind. Many retirees can let term coverage lapse on schedule; some keep a small final expense policy for the funeral. An advisor will tell you plainly if the honest answer is none.