Your children are 3 and 5 years old now, and you want an inexpensive policy that covers your family at least until the youngest is 22. Based on the given information, what is the best policy to buy?

The youngest child is 3, so coverage must last at least 19 more years, until age 22. A 20-year term policy meets that need and is generally less expensive than whole life insurance; the 10- and 15-year policies end too soon. The best choice is the 20-year term policy.

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