In a well run plan, you would start creating assets soon enough. Even if you have a few years of earning/investing left, your corpus may be sufficient to take care of all the financial goals that outlive you. When you reach this state, you don't require term covers. Example: Say you have two financial dependents and are building a retirement corpus for the three of you. There may be a few more years required to build the corpus for all three, but you would have built the corpus for the two dependents earlier. You can then cancel the policy.