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We want to change our Life Insurance after fifty. Should we go with term insurance?

we have found out that our insurance is universal and has taken us this long to figure out that we were paying for nothing really. Should we switch to a term insurance at this age?

If we only knew the date of our passing, it would be easy. Just buy term insurance that expires after that date.

Not knowing that, however, you need to ask how much you wish to leave behind to someone even if you live to 100.

There are good plans available at your age, and working with a competent agent, you can design a plan any way you want, even with the plan you now have. You may wish to transfer funds from other savings into your present plan. You would receive interest on those savings that would be sheltered from taxes and the savings in taxes would offset the cost of the insurance. And - you would have ready access to the money if you needed it.

Lots of choices!

ya you can try
http://insurance-assurance.justfree.com/...
Although I'm not an expert, i do believe term is not the best option at this point. You might have higher ratings and payments due to your age. Reason being is that the policies will term in 10-20 years. Then you would have to convert to a whole policy and it is going to be pretty hard to find someone to insure you at 70.

It might be better to check into whole-life or quite possibly a variable life policy. Variable policies are tied to the stock-market and actually can increase the amount of funds available when you pass.

Hope this helps.
yes, you can buy term life as the premium is cheaper.

before you make any changes, please make sure
1. your current health condition is acceptable by the insurer. You may need to undergo a health check before they accept your application. or loading may be imposed for any pre-existing condition.

2. Get you agent to run through some numbers with you. ie Your annual term life premium x 25 years. what is the total projected premium?

3. Universal life should have some cash value, maybe they can convert the cash value into some form of of paid up policy for the next 25 years or more.

4. if you are able to save on the premium, PLEASE deposit it into your bank account and dun spend it. People buy term and invest the rest, at the end many buy term and spend the rest. You need money for your retirement too.

** due to limited info given, kindly get your local agent to project 2 scenarios :
1) Continue Your exsting plan
2) Buy term and find out how much you can gain from both scenario.
http://www.einsuran.com
Malaysia Insurance Portal - Term Life Insurance
It sounds like you do not have a good understanding of how insurance works.

Go meet with an agent or a financial planner to get a firm understanding of how insurance fits into your financial picture.

Term works well if you die during the term. If the term expires before you do, your heirs get nothing. If you have sufficient savings for all of your future financial needs - debts, retirement funds, future medical and nursing home bills etc - then you don't need insurance and term did its job.

It is rare for someone to have sufficient savings.

Good Luck

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