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My wife and I both took out a 30-year term life insurance policy after our daughter was born and we purchased our first home. We have adequate coverage to help pay funeral costs, the mortgage, and other costs of living that are in line with our normal budget, to provide for each other and our daughter in the event an untimely death was to occur. According to the online calculator, we are possibly paying for a little bit too much coverage, but the excess is not an outrageous amount, and it is enough to help our daughter afford college when she gets older, as well as allow the surviving spouse to live more comfortably, potentially even beyond twenty years after an untimely death. Reducing the coverage to save an almost immaterial amount on monthly payments is not really something we wish to do, so our policies will stand as they are for the time being.

We were fortunate to get locked in with a pretty good rate for 30 years. I feel this is a good option for people young enough because if you are in good health, you are typically quoted good rates since you are lower risk. Once we get closer to retirement age and the end of our current term life insurance policies, we will start looking into options that make sense for us as we enter our retirement years.