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Nearly everyone over 70 doesn't need 'life insurance'. They are already on SS most likely, or other form of annual pension (gov't plan, union plan, etc).......and they don't have dependents any longer.

IT's likely they have some assets (like a house). It's a bad deal, other than for estate planning for the 'rich' who use it to bypass the tax man if their estates now are worth five million plus.

Whole life is never a bargain, even if you start when young. By the time inflation runs its course for 50 years, your whole life policy is probably the equivalent of $10,000 today in purchasing power, and all you did was make the sales agent and the insurance company rich along the way.

Most people don't need term insurance either. After any kids have grown and gone, there is no need for insurance....

You can get term insurance for the period you need....20 years certain, etc, so medical issues not a factor once you got it, and the rate stays the same.

There are a whole lot of 'insurance products' out there from guaranteed 'no losses', to variable annuities to every other combination and they are all losers , stacked against you, which make the agents and insurance companies oodles of money at your expense.

Life insurance is never an investment. Just a diversion of your resources that make others rich.

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