When Should I Buy Term Life Insurance? 
You should buy Term life insurance when you have a need for a lot of life insurance at a low cost , and when the need is temporary . E.g. . If you want to be sure that your 3 young children have enough money to go to the college of their choice if you would pass , you could take out a $ 1,000,000 twenty year term policy at a much lower rate than if you bought that amount in Whole Life . 