Choosing the duration of your policy ("Policy term")
Your term life plan should cover you till the time you intend to work.
That means, if you plan to take a chill pill at 45, your term life plan should cover you till then.
Taking a policy that covers you till 65 means your family won’t receive any money if you kick the bucket at, say, 74. And no, you shouldn’t feel bad about it.
By that time, your family would not be dependent on you. With your kids earning and your spouse having their own retirement fund or inheritance from you, they may not need the money from your life cover at all.
You may be advised to take insurance till you’re 75, or even 85, but it is not required - and it is extremely expensive!
The premiums to cover you till that age may be higher by as much as 30%, as your health worsens with age.