Kind of a "Catch 22" situation – whole life or term when I have health issues. 64F

When I was 44 I got a 20 year term insurance policy. I was in the best shape of my life, and pay very little for it monthly. However, it expires soon so it's decision time.

I've done a lot of research and know that whole life is generally for younger people with kids or dependents, or if you want to protect your large assets from getting taxed; some kind of tax shelter. The thing I ** LOVE ** about whole life, if I understand correctly, is that no medical exam is required. For me, this is huge since I now have health issues. It's more expensive because of this, and the returns you can get on it.

Term is simple & basic to understand, and is what I really want to do, but the requirement for a health exam concerns me. I'm not a total mess, but there are things that will definitely cause the rate to go up.

I am not in good financial shape, due to bad investments, the crash of 2008, and trusting the wrong person (among other things). I'm here "naked" financially and just getting by. Which would make the expense of whole life even harder to manage, but I don't need an exam.

Any thoughts or opinions on which I should choose?

submitted by /u/Mindless-Channel-622
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