Term insurance provides a financial cushion for the family.  If  the policyholder passes away during the specified term , the beneficiary receives a death benefit .  This amount is usually not taxable and provides the family with financial stability and comfort in the long run. But, choosing an insurance plan requires research. One must pick the right provider, choose the necessary benefits, and read the terms carefully. One must also avoid making mistakes when buying term insurance. Not buying the right policy at the right  time While term insurance premiums remain consistent across the policy duration, the amount is calculated based on the policyholder’s age when applying. That’s why one should consider buying early. It results in a low annual expense across the policy term and higher savings. Still, that does not mean individuals must invest in a term insurance plan immediately after they start earning. Buying a policy is advisable only if a person has financial dependents or has taken a huge loan. Buying for a short duration While buying term insurance is a wise decision, one must choose the tenure carefully. Many experts recommend buying a long-term policy that remains active into one’s golden years. Sure, the shorter-term plans have affordable premiums, but the amount increases when renewing the plan down the line.