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If you qualify for term (which most adults do), it’s time to make the switch. However, those cases are few and far between.

The only time when we would tell you to keep one of these policies is if you don’t qualify for a term life plan. This includes whole life, universal life and variable life insurance. Let's start by saying we never recommend keeping a cash value policy. By the time a 15-, 20-, or 30-year term policy expires, it’s likely your family won’t need life insurance anymore (because your kids are out of college and not dependent on your income).īut if you do still need life insurance for a little longer (until you’re self-insured)-no problem! Most term life plans are guaranteed renewable to age 90 or older, so they don’t really expire. But keep in mind: Once your original term expires, the cost of the policy keeps going up. The insurance industry has convinced the public that you need life insurance for your whole life-but that’s simply not true! You only need life insurance when your death would cause your family financial hardship.

That just means you have enough money for your family to live on after you’re gone and you don’t need life insurance anymore. "What in the world does that mean?" you may be asking. Instead, you can be self-insured by the time your term ends! Well, at this point we hope you’ve gone through the Baby Steps and don’t need life insurance anymore.