Life Insurance Ages
Likewise, a 20-year term may not be suitable for people who are on the older end of the age spectrum. For example, many of our clients who are 50 years old (or older) opt for a 10 or 15-year term policy. This way, they are typically still covered until retirement, and it is generally much cheaper than longer terms.
Additionally, while term life insurance is a great choice for many people, it is not the only choice. For some, permanent life insurance is ideal.
In fact, we often recommended that people purchase a combination of term and permanent coverage— thereby saving money while still ensuring that no matter how old they are, something will be left behind for their loved ones.
>Related: When whole life is better than term life insurance.