Would I be better taking out a Term Assurance policy covering me up to age 65?
It really depends on your personal circumstances, if you have dependents , what lifestyle they are accustomed to etc. Is this life assurance policy separate from any mortgage related life assurance/protection that you may have? Other than for mortgage protection there are no hard and fast rules of thumb for an appropriate level of general life assurance cover as it depends so much on personal circumstances etc. It might be worth checking if your employer provides any life assurance and/or permanent health insurance cover possibly bundled with their pension scheme to avoid the possibility of overinsurance.