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First, take about 1/3 to 1/4 of your 401K ($100-125,000) and create a guaranteed income with it that you will never outlive. Let it build, and turn on the faucet of guaranteed income in 5-7 years when the lifetime payout will be higher. Now, you have raised the floor of your guaranteed income with 2 sources: Social Security, and the guaranteed income you just created. (You will sleep better when you do this).
Second, re-allocate your 401k funds into a well-balanced, somewhat defensive position so you don't suffer a big market loss right before you retire, and Third, explore your options for Long Term Care Insurance.
It's not an either/or kind of answer. Most clients will buy a lot of inexpensive term, and put a foundation of permanent insurance underneath. When the term is up, the permanent insurance will be there forever.
1) Term Insurance - only for a term of time, Ex: 10 yr, 20-yr, 30-yr
2) Universal Life - can last longer than term, but is based on interest rates. Can lapse over time if interest rates stay low.
3) Whole Life - guaranteed permanent insurance. Will be there to the age of 120. Will give bond-like returns over time, tax-free.