You don't ever need to give up term life insurance, and should not do so unless you have given it a lot of thought. Term life insurance is the least expensive type of policy you can get, and most people have gotten the cheapest premium they will ever get on the policy they own right now.
The exception to that might be if you had a health condition that has improved or cleared up since you bought your policy; if you quit smoking over a year since you bought your policy; if you lost a lot of weight and kept it off for at least a year since you bought your policy; or if life insurance rates have dropped across the board. You also might find a new, lower rate with another comany, or by taking a shorter term. Visit with a good agent to see if any of these apply to you.
If you want more or longer term, sometimes it is more cost efficient to take out a new policy in addition to the one you have. Sometimes it is better to combine both coverages into one new policy. Again, an ethical agent can help you determine what is best in your situation.
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The exception to that might be if you had a health condition that has improved or cleared up since you bought your policy; if you quit smoking over a year since you bought your policy; if you lost a lot of weight and kept it off for at least a year since you bought your policy; or if life insurance rates have dropped across the board. You also might find a new, lower rate with another comany, or by taking a shorter term. Visit with a good agent to see if any of these apply to you.
If you want more or longer term, sometimes it is more cost efficient to take out a new policy in addition to the one you have. Sometimes it is better to combine both coverages into one new policy. Again, an ethical agent can help you determine what is best in your situation.