Actually the term “Whole Life” insurance is derived from the fact that such policies are in effect for your entire – or “whole” life. However not everybody needs life insurance for their whole life. If you are selecting the option of Term Life insurance how long of a term you require depends on your unique circumstances. Factors you need to keep in mind are your age, your spouse's age, your children's ages, your financial obligations such as mortgages or other loans, and the number of years until retirement. You will want to select a term length that would cover all of those considerations. For example, say you have a five-year old child that you expect to support through college and or post-graduate studies; you will need a term life insurance policy for at least 20 years or more.