You have children and a spouse who depend on you when you are young, and if something were to happen to you, they are going to be out of luck in many cases. If you have a good term life insurance policy, they are going to have some financial help when they need it the most. However, once your children have moved away, and you have retired, you really don’t need to offer that protection any longer. That makes a whole life policy a waste of money for most. Term life insurance can be as short as five years, or you can have one that goes up to thirty years. Most of them are renewable for incremented amounts of time in many cases.

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Eric Raymond