Term Life Insurance (10 or 20)?

Term Life Insurance (10 or 20)?

I am hoping someone can explain to me why 20 years is better than 10 years. Our agent is adamant that the 20 is the way to go, and most of the answers here have agreed with that. But the question I have has not been answered. I am 40, my wife is 30, and we just had our first child. She is not working and money is tight. The price for the amount of coverage I need is 60 a month for a 20 year term. This would be a total of 14,400 in 20 years. But the price for a 10 year loan is 30 a month for a total of 3,600 in 10 years. So even if a 10 year renewal at age 50 were 90 dollars a month, that would break even. And anything less than 90 a month on the second 10 year term would be a savings. I am also hoping that in 10 years, my ability to pay even 200 a month would be easier than 60 a month now. And if my retirement bounces back, I may not need as much coverage. So is my logic sound on this, or in light of this, can someone explain the advantage of the 20 year policy? Many Thanks!

 

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