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Life Insurance Policy Term vs ?

I am 40 yrs old non smoker female. My husband is 48 yr old smoker and has hep C but not at all at a bad level. His level is stable and low. He has had it since 2000- Question - a 150,000 life paying per month and when I hit 65 years old is there a life insurance that you can take out against your policy? Is there a difference between term and whole life insurance (not sure if that is correct) I wouldnt get it with my husband but only for me. Any suggestions? I would have a spouse that needs the money if I go before him. He is getting a settlement in 2 years and we are putting most of it away for 20 years from now but even then who knows how things will be we may need more. Can you b orrow out from term life insurance?

Public Comments

1. I don’t completely understand all of your questions, but whole life insurance doesn’t make sense for anyone but the people who sell it. It’s a total rip-off!! Only buy term. You need life insurance as long as someone depends on you for income. It’s something you buy when you’re young and have a spouse, children, etc. who need your income to survive. Once you retire, and are living off your savings, having life insurance doesn’t make much sense. http://www.insurance.com/life.aspx has a lot of helpful info.
2. Your other replyer has it backwards. Term life is like betting you'll die before you reach a certain age. If you don't die, the money disappears, it's over. Whole life insurance accumulates wealth and has a cash value.
3. First and foremost, 150k is probably not enough. Second, you should have coverage for both of you because he will have medical bills that medical insurance may not cover. Because he has Hep C, does not mean he can't get coverage. You can not borrow from term. Cash Value (whole life) is just Term insurance with a low yield (compared to a separate account) savings account. I would recommend find a term policy with a guaranteed renewability clause. One that will automatically renew to another level policy without proving health status. I hope this helps.