When Do I Need Term Life Insurance? 
When the cost of Whole or Universal Life insurance does not fit into your present budget is the time to start considering Term Life insurance . Also , when you have a tangible asset or pool of assets which have a definite useful life , after which you will sell or scrap them . At that point , term could be a better way to go than other types of life insurance since you could then match the coverage with the period of liability . 