You'll need to evaluate your current lifestyle and long-term financial needs to evaluate how long you'll need your life insurance policy to be in effect. Factors to consider include income you may need to replace for a spouse or dependents, whether you need to fund dependents' education, if you have a mortgage, or any other outstanding debts. If your children are almost grown, you may only need a term life insurance policy, whereas if they're very young, you might want a permanent policy.