Why term until 65?

65 is supposedly our retirement age and some would argue that since you're not generating an income after you retire, you don't need to be insured.

However, some advisors use insurance as a guaranteed means to leave behind a legacy. 1m bought especially when early is actually quite cheap. And if you die at age 85 or so, it would give you a guaranteed 5+% return on your money.

Especially if you add a waiver in the event of illness and you kena illness at an early stage also but survive.

Insurance is flexible. It's up to you how you want to use it.

I have a 500k term to 99, and another 500k term to 65.

I plan on having my kids continue paying the premiums of my Term to 99. Whoever takes care of me, will have the money for their family. Hehe. ;)

Because usually your kids would usually be able to take care of themselves by the time you are 65, hence they do not need your income to survive by then. Some people are getting 1million term insurance because they take into account future expenses and debts. So if they buy 1million coverage now, it is cheaper to buy now than buying later and it is pretty affordable.

Everyone is different, you have to get insurance and coverage that is the most suitable for you.