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| Term works only if you make a decision to stop buying land and start unwinding the farm. For example if you buy term insurance out to age 65 you need to be debt free by 65 or at least at the point the rent could make the payments... otherwise it fails the objective.
Some people buy term for the target of when their children will be 18.
Whole life someone will collect eventually but it probably won't be enough to pay off the land notes. I have 100k of whole life I pay about 500/yr on. If I died tomorrow 100k wouldn't be much in terms of paying off the land but at least at the moment the land is worth more than what was paid.
This is morbid humor but some families joke about how the life insurance policy was the best thing that ever happened to the family. The policy paid nicely and dad wasn't around to spend it all away.
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Insurance revisited
