Would getting a term insurance till 65 be better than a whole life cover? What happens after 65 then?

It depends on your needs and at what age you are buying WL.

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1. Age - Generally, WL works better if you start at a much younger age else it can be quite costly.
2. Protection Needs only - if you are looking for protection so that your dependents (who depend on your income for survival) have something to fall back on when something happens to you in your working years, then term life will be a good option. The cost is lower as you are paying for protection only - term life does not give you back anything once the term ends.
3. Protection Needs + Returns - WL is generally more costly for the amount covered (especially when bought at a later age) as it factors in the returns given back to you. So while it protects you till you stopped working, let's say at 65, it continues to grow your returns. So you may surrender it at an older age to receive a lump sum or pass it to your next generation when you pass on.

So generally, if you want to pay lower premium and looking for protection only and has a plan for retirement, go term life. The cost savings in premiums can be used for other needs or investment.

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If you can afford to pay higher premium, looking for protection and returns (as part of your retirement plan or to give to your next gen), then WL may suit better.

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I advocate a basic WL (with CI/ECI cover) plus term till 65. This will provide cover for after 65 as well as affordable and sufficient cover during your working years

Of course, the argument why you don't get WL if you buy term invest the rest is that after 65, the investment you have built up will serve as sufficient self-insurance.

There are a few points to take note if you choose BTIR route:

1) Market conditions when you are 65 is uncertain. Sure, over 20 years, markets generally are better, but this is not a guarantee.

2) Your investment after 65 should be providing you a passive source of retirement income. If something major happen, you will have to dig into this portfolio. Depending on the severity, the passive retirement income you are depending on will drop.