The term of a life insurance policy is of utmost importance & if not chosen wisely can leave you regretting your decision later in life. Although it’s very subjective, I’d still suggest the longer the term the better simply because it increases the likelihood of your family getting that lump sum for which you’ve been paying the premiums religiously for years.
Having said that, there’re many different ways of designing a policy depending upon a certain budget, so for e.g. if you have a strict budget in place & you require, let’s say, at least £200k worth of cover to protect your mortgage which has another 25 years left on it & you also wish to leave behind some money for your family when you’re gone. You could consider a mortgage cover for 25 years + a smaller amount (depending upon your budget) to continue for a longer term. This would ensure the funeral expenses are dealt with + any extra bit of money could go to your loved ones. Taking out a policy worth £200k for the longest term could cost you a fortune & the truth is you may not even need that much cover for that term.
This is where an adviser comes in to the picture. Fortunately the market is still replete with qualified advisers who’d work around your requirements & circumstances to get you the best deal & that too for free.
Your only due diligence is to ensure the adviser or the broker firm you’re considering for an advice is registered with the FCA. That alone would take care of 100s of other things that you probably wouldn’t even be aware of. You see, the good news is, 1 wrong or bad advice can put them in trouble even to the extent of them being shut down as a business, so you can rest assured about getting the right advice.