Term Insurance

How Long Should Be the Term Insurance Policy Period?

The policy term offered by most life insurers ranges from 5 years to 40 years. One should always opt for a policy term depending on their retirement age. In India, 60 years is the general age of retirement. If you buy a Term Insurance Policy till 55 years, by that age all your financial liabilities and responsibilities will be cleared. Policyholders can opt for life cover@ for up to 99 years age if they have many dependents and would like to cover them for a complete life span. Life expectancy in India is 72 years as per TheGlobalEconomy.com and Statista. Therefore suggested - term insurance policy period should be 72years.