When you purchase a term life insurance policy you should keep the term life insurance policy for as long as possible and for the duration of the term life insurance policy.
If you've taken out a term life insurance policy for 30 years and you've lived at least 20 or 25 years of that 30 year term life insurance policy then at 20 or 25 years you may want to cash out the term life insurance policy and pay ahead for your funeral expenses and other debts.
Then use the rest of the money to pay for anything you want to pay.
Some term life insurance companies will sell you the term life insurance policy and then if you're still living at the end of the term of the life insurance policy they will return the money to you.
So it's always best to keep the therm life insurance policy for as long as the term lasts.
If you're 65 years old and buy a term life insurance policy I would go for a 10 to 20 year term life insurance policy and then if you're still living after 10 or 20 years then I would cash out the policy if you're allowed too.