Should I reduce my life insurance as my kids grow up?

Often yes — your need for life insurance generally peaks when children are young and a mortgage is large, then declines as both shrink, so coverage that steps down over time can save money. When kids are little, you may need 20-plus years of income replacement plus college costs; once they're grown and self-supporting and the mortgage is mostly paid, the dollars your family would need are far smaller. This is the logic behind laddering: stacking term policies of different lengths so coverage automatically decreases as obligations end. If you bought a single large 30-year policy instead, you generally can't shrink it midway, but you can simply let it stand if the premium is locked in cheaply, or buy your next policy smaller. Reassess your number after each major milestone — a paid-off mortgage, a kid finishing college, growing investments. Re-estimate at wealthserene.com/tools/insurance-calculator.