Do I need term life insurance or whole life insurance?
I am 63 years old and in need of insurance that is guaranteed to pay off my house when I pass. I currently have level benefit term life insurance, and am trying to find out if this is the right kind of insurance for what I need. Do I need whole life insurance instead?
No, at 63 years old (and at most ages) it makes more sense to have term life insurance. Whole life insurance would be very expensive and would really only benefit the broker selling it to you. I don't know how much longer you have on your mortgage, but you would of course recognize that the mortgage will diminish as you make payments. You may consider two policies. One that could expire (or you stop paying) once you don't need the extra insurance and one for the length of the mortgage if available. Of course if you've been paying on your current policy for many years then it likely makes more sense to stick with what you have, but there is no harm in getting quotes to be fully informed.
Good luck to you,
Matt Ahrens, CIMA®