Your fiscal needs will change as you age. The terms and conditions of your policy might as well. While most term policies will eventually allow you to convert to a permanent policy, Sherman says you may not want to do so.
"Usually you have to convert by age 70," Sherman says. "For people in their later years, it's very, very expensive. For example, if I'm a 45-year-old and I buy a term policy for $1 million, that could cost $1,300 (per year) today. If I wanted to convert that same policy at age 65, the premium could be $15,000 a year."
To save thousands of dollars down the road, ask your life insurance agent about the future of your policy.