Not practical to renew at the end
If you need a high dollar amount of life insurance protection, but won’t need it “forever” and have limited dollars to put into it, Term Insurance may be your best option. While it won’t last your entire life and is not practical to renew at the end of the term, it is a low priced way of getting a high face value of coverage. And if you are young enough, you may be able to get a level premium for as long as 30 years.

When purchasing Term Life, it’s important to understand what it is and what it isn’t. Generally, it is NOT an option for people who are close to retirement or for seniors. That’s because most policies are either not renewable after age 85 or are so expensive that your annual premium can be 50% or more of the entire face value of the policy. And, after a certain age, you may not be eligible for any other kind of insurance to replace it.
Term Life is for people who have an obligation that will not last their entire lives. Examples include a growing family, a large mortgage or other debt, a business that would need money if you, as the owner or key person should die, or other obligations that will be satisfied at some point in your life. Furthermore, when you purchase Term, you should also have a plan for investing for future years when the Term has expired. Funds will be needed later for final expenses, to support a spouse, and to pay inheritance, estate, or any other outstanding taxes. If you purchase Term insurance for the right purpose and with a full understanding of what it will and won’t do, it is a very good option.