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?