My husband and I are 50, with no children. Both working and serving a 25-year home loan. Need some advice to work out Term Insurance coverage, years, if one policy per person is necessary? Thanks.

Thanks for your advice, Cherie.

If I wish to get a 25-year plan (till 75 years old), is a fixed term plan more cost efficient compared to a renewable plan?

Hi there, how far are you into the 25 year loan? You should consider few things.

1. How much of the loan is left?
2. What percentage of the loan are you both comfortable paying for assuming the other is unable to?

Answers to 1 and 2 will help to determine the insurance sum required for each of you. E.g. if $500K of the loan is left, and one of you (A) is comfortable paying for only 50% of the loan installment, then the sum assured should be $250K on person B.

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3. Period of loan left - This determines the term plan duration

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1 plan per person is better and more commonly done, its become very cost efficient to do that in recent years and gives the couple the flexiblity to adjust the coverage individually too.

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Here's a good comparison of term plans in the market, hope this helps: https://plannerbee.co/best-term-life-insurance-...