Question

You're 35 years old now, and you want to purchase life insurance which will cover your spouse for your lost income in the event of your death. You want this policy to last until what would be your normal retirement age of 65. Based on the given information, what is the best policy to buy?
a.
10-year term policy
b.
20-year term policy
c.
30-year term policy
d.
Whole life policy

Answer 1

The best policy to buy in this scenario would be a 30-year term policy. This is because it will provide coverage until the individual's normal retirement age of 65, ensuring that the spouse is protected for the entire duration.