I agree with much of what you said, but term is the way to go. I don't care if the policy expires before I do. As you get older, your need for insurance gradually decreases. In fact, I've lowered my coverage twice in 10 years. Debt gets repaid. Personal assets grow. Children get older and closer to adulthood. I'm 43 now. By the time I'm in my mid-50's or about 60, I don't anticipate needing any life insurance, or maybe just a relatively small amount compared to what I carry currently.
The fact that folks in their 70s or 80s need life insurance to cover burial costs is a sad statement. Surely, by the time I'm that old, I will have more than enough in personal assets that my wife or family can tap to pay for burial.
The purpose of life insurance is to replace lost income/earning potential. If I die tomorrow, my wife will need money to pay living expenses and household bills and continue to save for our daughter's college education and her own retirement. When I'm 60, our retirement will be pretty well funded and our daughter will be grown and off on her own. They'll be no need for insurance at that point.
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Steve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.
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