For example, do you have children at home who rely on your income to pay for their living expenses? Do you have debts that your family would be left to pay if you died? Would loved ones need to take up a collection to pay for the cost of your burial and funeral?
These are just some of the many reasons people keep their Term Life Insurance for an expended period of time.
If all of your financial needs are provided for and you feel confident that no end of life medical bills or other expenses will deplete your reserves, or cause your family financial hardship upon your passing, you may no longer need Term Life Insurance.
Remember, term life offers coverage with level premiums for up to 30 years, and you may have the option of converting your term life policy into a permanent life insurance plan.