Term life insurance can protect your family against financial loss in the event of your untimely death. Whole life can do the same and will pay out no matter when that time comes. Since the cost difference between whole life and term is large it is natural to question whether or not you’ll outlive your term policy and therefore be wasting your money with term. What if you don’t die in time? What if you get sick, can’t work but still don’t die?

Here are two thoughts. Some term policies come with a return of premium option (ROP). This means if you don’t die before your policy term ends you get back all the premium dollars you paid. There is also a form of term insurance that pays if you die during the term AND if you become sick but don’t die. This is called critical illness. The cost is affordable and fills a glaring gap in most people’s insurance protection.