Life insurance is a contract between you and an insurance company that provides a death benefit to your beneficiaries upon your passing in exchange for premium payments.

Life insurance provides financial protection for your loved ones and can help cover expenses like funeral costs, debts, and ongoing living expenses in the event of your death.

Common types include term life insurance, whole life insurance, universal life insurance, and indexed universal life insurance. Each has unique features and benefits.

The amount of coverage you need depends on factors like your financial obligations, income, and goals. An insurance advisor can help you determine the appropriate coverage amount.

The cost of life insurance varies based on factors such as your age, health, coverage amount, and policy type. Term insurance is generally more affordable than permanent policies.

Term life insurance provides coverage for a specific term (e.g., 20 years) and does not build cash value, while whole life insurance offers lifelong coverage and has a cash value component.

Many policies allow you to make changes, such as increasing or decreasing coverage or changing beneficiaries. Permanent policies often offer flexibility.

Yes, you can have multiple life insurance policies to meet different financial goals. Be sure to disclose existing policies when applying for new ones.

Some policies require a medical exam to determine your health and assess risk. Others offer no-exam or simplified underwriting options.

Missing premium payments can result in a policy lapse. Some policies have grace periods, and you may be able to reinstate the policy with a penalty or by catching up on payments.

Generally, the death benefit is not taxable for beneficiaries. However, some exceptions may apply, such as interest earned on a cash value policy.

Many permanent policies, like whole life and universal life, allow you to borrow against the cash value. Interest rates and terms vary by policy.

A beneficiary is the person or entity you designate to receive the life insurance proceeds upon your death.

Yes, you can typically change beneficiaries at any time by contacting your insurance company and completing the necessary forms.

Some parents choose to purchase life insurance for their children to provide coverage and potentially lock in lower rates for their future. It's a personal decision.

To get started, schedule a complimentary consultation, provide personal and medical information, choose a policy type and coverage amount, and complete the application process.

When the policyholder dies, the beneficiaries should notify the insurance company, provide necessary documentation, and file a claim to receive the death benefit.