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Both my husband and I had term life insurance policies that were convertible at age 60 to whole life. I am 67 and converted mine years ago. My younger husband is reaching the deadline date for conversion of his. He had $100,000 of term. Converting it to about $50,000 of whole life would cost about 124.00 a month. I am trying to figure out if that is a good idea.

We have no retirement, own a small business. Would it be wiser to take that money and use it to start a Roth IRA keeping only the term insurance to age 70?

I know it is late in the game but he will probably work another 10 years. I have been reading to educate myself but it is complicated and different sides have different opinions. The down side of whole life insurance seems to be that you have to die to get it... so if we need additional income in old age that would not happen unless we draw against the policy.

Any advice or help would be appreciated...so confused. Our 2 sons are grown and independent. If we pay premiums for 20 years he will have paid 29,000 for 50,000 of a pay out I figure. Is whole life a good idea for retirement?

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    No regular contributor to this site recommends Whole Life. Ever. The purpose of insurance is to pay out in case of disaster, but Whole Life tries to pretend to be a investment at the same time, which it does a bad job of. – RonJohn Mar 14 at 3:04
  • "Converting it to about 50,000"... do you mean converting it to a $50K whole life policy? – RonJohn Mar 14 at 3:05
  • "Would it be wiser to take that money"... the $124/month money you'd spend on WL? – RonJohn Mar 14 at 3:06
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    @RonJohn there are situations where whole life makes sense, but the devil is in the details. I certainly am not in the camp of people here who have an allergy to whole life. – quid Mar 14 at 3:39
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    To this question I would ask if there is any purpose to this insurance? Do you still have dependents who would be terribly financially impacted if you were to pass. The need for life insurance wanes as one ages generally. – quid Mar 14 at 3:40

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