What type of plan should be offered to someone who wants insurance coverage until age 65 with minimal premiums?

The most suitable type of plan for someone seeking insurance coverage until age 65 while aiming to keep premium costs minimal is a term plan. Term insurance provides coverage for a specific period—often set intervals like 10, 20, or 30 years—making it more affordable than permanent life insurance options.

This affordability is primarily because term insurance does not have a cash value component that accumulates over time, which is typical of whole life or endowment policies. It focuses solely on providing a death benefit if the insured passes away during the term of the coverage.

Individuals can select a term that aligns with their needs, such as ensuring coverage until retirement age, while paying lower premiums compared to other types of life insurance. This makes term insurance particularly appealing for those who want to maintain financial flexibility and minimal ongoing expenses while securing their life insurance needs.