At 62, I'm assuming you have no minor children. If you have enough assets that your estate can pay for your funeral and cover your debts, why do you have insurance in the first place?

You need to define the exact GOAL the the insurance is to acheive, and THEN decide which policy meets that goal best. That includes, deciding how LONG you want to keep life insurance. If you never see a time when you don't need it, then whole life is the one to have.

Having said that, whenever you are shopping out for new insurance, or comparing prices, you do NOT want to let your current policy lapse, until your NEW policy is already in place – you might not even QUALIFY for life insurance now! There's no way to know, until you have the policy in your hands.

So. Define your goals. Select the tool. Comparison shop, and don't cancel the old policy, unless you have already replaced it, or have decided you don't need life insurance. Try this site

http://free-best-life-insures-comparator-usa.blogspot.com/

Here you can get quotes from different life insurance companies in your area, its the best way to find an affordable life insurance with a reliable company.

http://free-best-life-insures-comparator-usa.blogspot.com/

Here you can get quotes from different life insurance companies in your area, its the best way to find an affordable life insurance with a reliable company.

What you can negotiate is going through different companies. Shop around. Make sure you check the financial strength ratings from AM Best!

Try this site

http://free-best-life-insures-comparator-usa.blogspot.com/

Here you can get quotes from different life insurance companies in your area, its the best way to find an affordable life insurance with a reliable company.

According to insurance industry studies, the likelihood that a Term policy will pay a death claim is only about 1%. The reason is that Term insurance expires, lapses for non-payment, or converts to Permanent insurance prior to the death of the insured. The reason that Term is so "cheap" is that the insurance companies don't expect to pay the death claim.

Although Term is good for temporary needs, it would be a good thing to OWN some life insurance, instead of RENTING it. With Whole Life, you OWN it. With Term, you are basically RENTING it for a specified period of time.

Here is what I recommend.

Contact a LOCAL agent, and have him/her do a Financial Need Analysis (FNA), or other Total Need Program, to help you determine in your own mind, how much, and what type or combination of life insurance you need, to reach your short and long-term goals and objectives. After the FNA, you will have more knowledge and a better understanding of your total need.

The FNA will also help you determine if you have a need for Disability Income Protection, to provide an income, should you be sick or hurt and can't work. It will also help you determine if you need an Individual Retirement Account (IRA) to provide an income at retirement time. (All that will be there when you get there is what you send on ahead.)

According to statistics, disability is a greater risk than death prior to the age of 65.