In order to answer the question of how long you need your life insurance, there are several considerations. Generally speaking, the purpose of Term Life Insurance is to replace the income of the insured should something happen to him or her. That being said, it usually is advisable for a policy to carry out close to retirement years. However, the cost of 30 year Term Policies are significantly more than the cost of 20 Year Term policies, so many opt for a 20 year term. What happens at the end of my Term is one of the most common questions asked by our clients. First of all, if you are still living at the end of your policy—congratulations! You did your job and your family did not have to collect on your life insurance which was purchased for the worst case scenario…that is good news!