Term vs whole as a 54 year old

General
1

My employer provides life insurance, but I’d like to switch to a private policy for when I retire—or, who knows, get fired, etc.

I am aware that premiums are higher for whole life, but what about term insurance? So that’s it if I choose a 30-year term, don’t pass away, and live a very long time?

I have always been a customer of State Farm for both my home and car insurance. They’re constantly trying to sell me life insurance, but I’m just curious what other people think. If it matters, I do have a daughter who is currently 17 years old and a spouse who is 8 years younger than myself.

2

I was in a similar boat. I went with term insurance because it’s simpler and cheaper, especially with a kiddo to think about. A 30-year term means you’ll be covered till your daughter’s well into adulthood. If you outlive it (fingers crossed), then you’ve just lived a long, healthy life—no harm there. I love State Farm for home and car too, but shop around for life insurance; you might find a better deal.