(B) Time for which they need this income – If children are young, it will be quite a while (say 20 yrs or so). If you just have a spouse, the need might not need it for as long. For parents, get a term which is long enough so that the children become independent before the term expires. Shorter terms tend to have cheaper monthly premiums, but you may find yourself buying a new, more expensive policy in 10 or 20 years time frame. Remember the younger you are the cheaper are the insurance premiums. Of course, one can plan to increase the policy in a staggered manner in 5-10 years depending on the major changes in life)
(C) Future Lump Sum requirements: Things which should be considered : child education cost in future (Graduation/ Post Graduation), child marriage cost in future, any special care needs (for example, taking care of elderly parents after you’re gone?).