Term or whole life insurance?

[adawn]

My dad was in the wealth management business and so is my sister. They both only recommend(ed) term. My dad always had a term policy I think from the same insurance guy he bought his health insurance from (American Family Insurance).

My dad was self-employed. He and my mom had been debating whether to renew the term policy or whatever around age 68 or 69 when it was expiring. The premiums were still reasonable (not a huge increase) so they decided to keep it going. Within 2-3 years he died of pancreatic cancer despite being in otherwise normal health and still working (think he had slightly high cholesterol, low thyroid, and had maybe 20-30 extra pounds on him).

My mom had enough to retire on without the life insurance payout but it certainly didn't hurt. Also, the insurance company paid out really fast. One of few "good" insurance experiences my mom has had in her lifetime. And it did replace some lost earning years because my dad had planned to keep working through his 70s since he liked working and wealth management is a somewhat low key, flexible job once you've built up a book of business (at least for him and my sister; can't speak for others in the industry).