Some are confused about the difference between term insurance and what is called whole life. For the longest time I assumed that term was a waste of time, but I have learned recently that this is not the case. Most people do not need whole life insurance, and paying the premium for that is often a waste of money. There are times when it might be a good idea, but for the most part, many simply need to have a long running term policy to protect their family.
Wholelife is useful when you need long term care, such as a disabled child. When the child is all alone, a whole life insurance will ensure that the child gets proper coverage throughout his life.
Sometime, all one needs is term insurance. The money can help pay for funeral bills and others. Term insurance may come in handy, depends on what you need.
Term insurance can go for a few years or on up. Some policies are renewable as time goes on, but once the children have grown and a good retirement account has been established, it might not be necessary to keep the term insurance at all.
It is your call of course, but note that this will be the only income if some dies. And many choose to to give it to charities. Death can be anytime. You need something solid for your family.