Term life insurance provides coverage for a specific period (e.g., 10, 20, or 30 years) and is typically the most affordable option. It’s ideal if you need coverage for a set time, such as until your mortgage is paid off or your children are grown. Whole life insurance, on the other hand, offers lifetime coverage with a guaranteed payout and builds cash value over time. It's a good option for long-term financial planning.

A good way to calculate your coverage is by using the DIME rule. Add up your Debt, Income replacement (for the number of years your family would need support), Mortgage balance, and Education costs for your children. This ensures you have enough coverage to meet your family’s financial needs.

Life insurance is often more affordable than people think, especially if you purchase a policy while you're young and healthy. Term life insurance is generally the most cost-effective, with coverage often available for just a few dollars per month.

If you outlive your term life policy, the coverage ends, and no benefit is paid. However, some policies offer the option to convert to whole life insurance or renew for another term. It’s important to review your options before your term ends to ensure continued coverage if needed.