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?

Real Estate, Insurance
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Well the very simple answer is how long do you need/want life insurance for?  There seems to be a very specific term you and exposure you are looking to cover.  What are the cost differences of those two plans?  Why do you want your house paid off when you pass?  These would be the simple questions to ask yourself and to analyze in making the decision.  If term does the trick that would most likely be the cheaper option.  If term runs out too early for your needs than you'll be forced to go the route of the whole life or permanent type of insurance plan.  That would be how I would view it and analyze this thing.

July 2018
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