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How long should my term insurance be?

A term insurance plan is one of the most effective ways to protect your family from life's uncertainties

Term insurance: What should be its duration?AI-generated image

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What is the ideal duration for term insurance? My wife is a homemaker, and she will be dependent on me. Should I buy a term plan for 85 years or for 60 years? - Tejas Sastry

You should ideally have a term plan (life insurance) until 60, which is the typical retirement age.

You don't need a policy after that, as you are likely to have enough savings to support yourself and spouse by that age.

But do remember to add your spouse as the nominee of your investments. Creating a Will would be ideal, too. This arrangement will help ensure a smooth transfer of your assets to her in case of your unfortunate demise after turning 60.

In case you were to pass away before reaching 60, your term insurance would provide financial support to your dependents, particularly if your savings and investments aren't sufficient.

That said, you can still choose term plans that offer coverage up to age 85 or beyond. Keep in mind, though, that the longer you're covered, the more you might pay in premiums. Click here to learn how to choose the best term insurance plan for you.

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