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Just like every other insurance product, there is no one answer that suits all. Let us help you find the right age, till which you need term insurance. The primary objective of a term plan is to provide financial support to your family, if you are not there anymore. The death benefit offered by the term plan will help them handle various expenses like - school fees, rent, paying off loans and other day-to-day expenditures.

Ideally, you need term insurance till the time your family is dependent on you. Choose the policy period till your children become financially independent and you don’t have other dependents like your ageing parents. Here are a few questions to consider to help you find out the right age till when you need term insurance.

  • How long will your family be dependent on you financially?
  • Is your spouse financially independent or are you the sole breadwinner of the family?
  • How long till your children become financially independent and start earning? 
  • Do you have ageing parents/siblings, who are dependent on you? 
  • Till how long will you work? 
  • When will you be able to complete your current liabilities - home loans, car loans, and other debts?

Generally, the ideal age of maturity of a term plan is from 65 to 85 years. By this time, most of your financial commitments are completed and your children become financially independent.

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