Life Insurance

We don't, currently, have life insurance. It's not that we're irresponsible or, at least, not overly irresponsible. Our situation - 2 smokers, 1 with serious health issues - does not lend itself to affordable premiums.

Knowing that we need some kind of protection - we're not getting any younger or any healthier - I look at life insurance quotes every few months. By my way of thinking, a large portion of our society is aging and developing long-term health issues. It is in the best interest of insurance companies to change how they view coverage and, most importantly, who qualifies for that coverage.

Apparently, I'm not completely alone in that thinking. One of the sites I review periodically mentions High Risk Life Insurance and Smokers Life Insurance. Of course, these are types of Term Life policies. Not my first choice.

By definition, Term Life offers coverage at a fixed rate for a specific Term. So, what you're doing, when you buy a Term Life policy, is guessing how long you will live. If, as Mark is doing, you outlive that expectancy, your policy expires.

Then, you either have no coverage or you buy another policy. But, now you're older and your health may be worse than it was when you bought the original policy. Translation? Not a good situation.

I've, personally, always preferred Whole Life. It's a policy for your Whole Life and, in most cases, builds a cash value over the life of the policy. If worse comes to worse, as they say, it's possible to cash-in the policy at a future date. (Not wise, but sometimes necessary.)

Naturally, Whole Life is not inexpensive. So, there you go! The insurance dilemma that us old folks face.

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Jules