Well, I am glad you are still here and thinking about buying insurance. The general answer should be for as long as possible if you can afford it. The “experts” will tell you all about the decreasing responsibility theory, the older you get the less you need to insure. I say that’s bull. Would it be nice if you died really old with grandchildren and great grandchildren and leave them a small estate? Something that may actually help change their life for the better? Something that they won’t have to pay taxes to use? I could never see the wrong in getting as much amount of coverage as you possibly can. We all want the best for our families and especially for our children. Maybe the extra coverage will help your kids start a business or upgrade their home. Or maybe pay for some devastating and expensive illness (see living benefits below).
If you are the term type of guy get the longest term you can afford. Just remember, most people outlive the term and then there is nada. Forget the conversion to a permanent policy, that is a truly expensive option, but is sounded really good 30 years ago when you bought the policy. Always consider the option of a smart, well set up permanent policy.
Remember, coming up with an extra $20 or $100 a month, for a better policy, is a matter of discipline and properly budgeting your priorities. Staying home to eliminate one or two dinner outings a month sometimes is all it takes. It is you, you, and only you that can make things happen.