Should we choose a maximum policy term if my wife and I are earning well? Or should we take the max sum, which is assured till 65?

Lets say at 79 years in case of an eventuality if sumthng happens..thn ur policy will come in force. This is the good side.

But what is the main pupose of insurance? It is NOT to make you rich. It is for financial security. So ensure you are adequately covered considering all your liabilities including expected money for your dependents to lead a decent life in case the police holder dies.

By the age of 60 or retirement or until the day you stop working, you should surely have insurance.

But you should not be still paying a high premium for insurance after your retirement. Ur basically investing your money in a not so effective way.

My suggestion buy a policy which covers your financial liability for the next 20 years.

As you age you can decrease your cover and buy a new policy. Basically after every few years you should be acheiving financial stability and being financially stable.

Also not to forgot that while you are reviewing your insurance cover after few years, your paying less premium and you can invest the money elsewhere instead of paying the same premium till maturity.

So think but at all costs NEVER BUY LESS INSURANCE COVER.

ALWAYS ERR ON THE SIDE OF EXTRA COVER.