As time goes by and you and your children get older, the need for life insurance typically decreases. However, you may still have an outstanding mortgage or living expenses that your spouse could not cover without you. In addition, college funding could be in jeopardy for dual income households should something happen to one of you.
Term life insurance is a good choice to bridge the temporary need for additional life insurance through your children’s teen years and into college.
Whole life insurance is a good choice if you need additional coverage that will continue past the child rearing years and well into retirement.