Resultsbee.com

Term Cover Life Insurance gives you simple, flexible cover that can pay out quickly when it's needed. It could pay out a lump sum if you die. Or be paid out in advance if you become terminally ill providing for your loved ones when you can't.

Historically, however, most Americans have left the workforce some time before age 65. Indeed, SmartAsset's analysis of U.S. Census Bureau data found that the national average retirement age is 63 years old. At the state level, it ranges from 62 to 65.

Generally the amount of protection you need is a combination of what it would cost to help your surviving family members and dependents meet their current needs (like taxes, food, clothing, utilities, mortgage payments, etc.) plus future obligations (like college and retirement funding) minus the resources that your surviving family members could

When consumers purchase whole or universal life insurance, they typically are told that if they make payments of a certain size for a certain number of years, their policies will be fully paid up, with no additional payments required for a lifetime of coverage and death benefits for their heirs.

The good news is that many policies will give you the option to renew your policy when you reach the end of the term. The bad news is that you'll probably face much higher costs since age is one of key factors used to determine life insurance premiums.

Most insurance companies require that the beneficiary have an insurable interest in the life of the insured at the time of application. In other words, the named beneficiary would suffer a financial loss should death of the insured occur. An insurable interest is presumed for close family members such as spouse, children, parent, grandchild, siblin