Should you buy a policy covering you up to 99 years?

We know it sounds like a great plan, but it may not be a good idea for all. 

Here's why:
 

• You may not need such a long coverage
• It is quite expensive

Simple! See, a term plan acts as a replacement for your income, taking care of your family if you can't be there to meet their financial needs.

But, by the age of 60-65 years, you are likely to have fulfilled most of your basic financial responsibilities.

In fact, your dependents may have become financially independent by then.

This reduces the importance of your term insurance!

Since the policy duration is longer, the premiums are also higher. 
 

Also, since this is not an investment, you won't get any returns on the money you pay as premiums.

Even if you have opted for a TROP (Term Return of Premium) plan, you’d get only your premiums back.

If you are someone who wants to do estate planning and doesn’t mind paying higher premiums, go for a policy that covers you till 99 years of age.

Simple! You should ideally get covered by your term insurance plan till your retirement. That could be 60-65 years or even earlier, depending upon your work and career goals.