How Long Should I Keep Term Life Insurance? 
Term insurance is temporary insurance , so by definition , if one buys term insurance , they will either drop the coverage oneday or convert it to permanent insurance . You should keep your term insurance for as long as it protects the risk you originally purchased it for . If your risk diminishes , you can lower coverage accordingly and reduce premiums even further . People confuse term insurance for cheap insurance . Although less expensive than permanent insurance , its costs increase as we age . It is counterintuitive but this is the reality I run into as an experienced insurance broker . People buy term insurance in their 30 's and 40 's thinking they will drop coverage in their 50 's . In their 50 's , they extend coverage into their 60 's . In their 60 's , they now realize if they drop their insurance , they are disinheriting their children of a very large asset , so the conversation reverts convert to permanent insurance . This happens more often than not . 