Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Is term life Recommended? For short term needs absolutely. That's what term insurance was designed for. As a long term choice or a lifetime choice term can be more expensive than permanent. If your choice is term insurance as a younger person, be sure to purchase "convertable" term as there may come a day where you realize that you "need" coverage longer than you thought and the ability to "convert" a term policy may be the best thing you can do. The super preferred you were able to get as a young person, might help you when as an older person, you're not so healthy anymore.
Co-Founder, Coastal Financial Partners Group, California
There are two basic types of life insurance: term and permanent. Term is for temporary needs, permanent is for lifetime needs.
Term is recommended in situations where the coverage need is short term - generally anything less than 30 years. If you are not sure, but want to buy term, work with a life insurance professional to choose a convertible term product with favorable conversion features so that you can change to your choice of the term company's permanent policies later, even if you are no longer insurable,
Term insurance, as stated before, is for a specific period of time that usually coincide with life events. For example, after the birth of a child, you will need enough coverage to provide for him/her if you died before he/she reached adulthood. That is usually 18 or so years. After that time, you wouldn't need to provide for that child in the same manner because the idea would be for the child (who is now an adult) to care for themself. As the other professionals have already stated, you would want to convert a term policy into a whole life policy prior to the end of the policy term if you have a continued need for life insurance. Converting your policy is better than purchasing a new one because policy approvals and premiums are based on current age, health status and other factors. When you are young and healthy, your premium payments are lower and it is easier to get approved. The older you are and the more health issues arise, the higher the premiums. Also approvals are harder to achieve.
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Term is recommended in situations where the coverage need is short term - generally anything less than 30 years. If you are not sure, but want to buy term, work with a life insurance professional to choose a convertible term product with favorable conversion features so that you can change to your choice of the term company's permanent policies later, even if you are no longer insurable,