Myth number five on life insurance:  Buy term and invest the difference. Once again, there is no one answer or approach for this either.  There are distinct differences between life insurance, term life insurance and permanent life insurance and those differences can become even greater, depending on the company you purchase from.

One thing is certain though, the older one gets, the higher the costs of term insurance becomes.  If you know for certain that you must be covered at death, then you should consider permanent life insurance. You may want to compare total premiums over the length of time you feel you need coverage so you are able to see the lifetime expense.  Please do not be fooled and not address the insurability factor once your term policy expires.  The risk of not being insurable later in life could be disastrous for those who may have estate tax issues and need life insurance to pay them.