Permanent Life Insurance

The point of getting a term life insurance is that by the time the term of the policy is over, your need for life insurance would have lessened considerably.

Just think about it. With your kids having moved out, mortgages paid off, and other financial commitments taken care of, you would probably not need as much coverage after the original term expires as you would during these crucial and financially sensitive 30 years of your life.

Besides, by that time, you will also have a lot more saved up and your retirement plans and investments would also be nearing maturation.

You seem to have an ideal life insurance plan offer on hand. If you think you’ll need life insurance even after the original term of 30 years, you can buy a convertible term life policy that can be converted into whole life at any point in time during the term of the policy or at the end of its term. You could also consider getting a renewable term life policy, but remember that these policies provide coverage only until a certain age (65 in most cases).

Denise at AccuQuote
Disclaimer: I work for AccuQuote and this is my personal opinion.