It is a cost-effective life insurance that provides financial protection to your family. Here, the nominee gets the death benefit if the policyholder dies.
You’ll only need a term plan until 60, a typical retirement age. You will have created enough net worth and retirement savings by then to support yourself and spouse.
Designate your wife as the nominee to ensure a smooth transfer of your investments in the event of your death. Creating a Will would also be ideal.
There are term plans that offer coverage up to age 85 or beyond. However, the longer the coverage, the more you will need to pay as premiums.