I would highly recommend that all parents if minor children sign up for a term-life insurance policy while still relatively young and healthy. Yes, you DO have to medically qualify for the policy but the premiums, and sometimes the level, are fixed for a set number of years.
Their term-life policies are underwritten by John Hancock. At age 50, I applied for one of their 20-year level-term policies that had recently become available.
At the time of this second application, they put me through a LOT to qualify, however, and their policies are MUCH higher for smokers and slightly higher for former smokers and those who can’t pass a cholesterol test but are otherwise healthy.
In the end, I successfully rec’d a level-term policy for $250K coverage for just $47 mo (their ultra-preferred rate) until the age of 70.
If your children have already gone through or are nearly finished with college by the time you reach age 50, you will have less of a need to try to qualify for a term life policy at that age.
There are several other companies with similar term-life offerings but upon perusing AFBA’s site this morning, I noticed that my same policy with them costs ~$100 mo for an approved applicant today. So, rates seem to have gone up quite a bit since I applied. Level-term is the best kind of coverage to have, IMO, because it avoids rate hikes at all the five-year age marks.
And, of course, those who already own a whole-life policy can never have it taken away as long as they pay the premiums or own it outright. However, these policies don’t have near the coverage of a term life policy.