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For How Long Should I Buy Term Plan?

The duration of your term policy should rely upon how long you need to provide financial security to your family if there should arise an occurrence of unfortunate eventualities. However, while buying a term policy, you should always opt for a ‘term’ depending on your retirement age. So, if your current age is 30 and you are planning to retire at the age of 60, then you should opt for a 30 years policy term.

Let’s understand age-wise, how much approximate term duration you should opt for while buying a term policy.

In Your 20s:

While buying a term policy in your 20s, you can opt for a term duration of 40 years. Additionally, at a young age, you can fix the premiums at much lower rates.

In Your 30s:

You can opt for a term of 35 to 40 years. It relies upon how long you are planning to work till the time you retire, your dependents, and your liabilities.

In Your 40s:

When in the 40s, you can pick a term duration of 20 to 25 years.

In Your 50s:

By the time you hit your 50s, generally your children are grown up and independent, and your liabilities are lower. Therefore, it is prudent to decide on a term of 10 to 15 years.

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