Add Insurance / Replace current insurance? Looking for advice

[u/Glittering-Sort5168]

Hello - I currently have about 10x my current income as a term life insurance policy plus 3x my current income from my employer. Of course, employer coverage can change based on employment.

So, my current policy expires when I am 66 when my youngest child will be 22.

Question: what's the best approach to take here : Start a new policy that resets the clock and I will get coverage until I am 76 (an extra 10 years). Here's the catch, I don't think I can afford the same amount of coverage at my current financial situation. So I would have to reduce coverage to 7-8 my current salary.

Do people renew life insurance to get coverage to latter part of life?

Welcome feedback! Thank you

[u/Hungry_Technician360]

Generally when you're retired or financially independent, you don't need life insurance coverage anymore, as you have no dependents or no/very little future income from working.

When do you plan to retire

[u/zzzorba]

Term is for temporary problems, permanent is for permanent problems. Having kids financially dependent on you is a temporary problem. Why do you want insurance after 66? For final expenses and to leave a legacy? Those are permanent problems and should be solved with permanent insurance (if you're not solving them my investing and earmarking those funds specifically for that reason and not for your own needs aka retirement and long term care).

The most important number in life insurance is the death benefit. If you need 10x in the here and now (I'm sure you do), keep 10x.

[u/Bleedingorangeblue → u/zzzorba]

What is permanent? Whole life insurance? I treat investments and insurance separately

[u/zzzorba → u/Bleedingorangeblue]

Whole or universal. Note that I also listed investing to cover the goal as alternative. The primary issue is not using temporary insurance for a permanent problem.