Life insurance is a contract between an individual and an insurance company. The policyholder pays premiums to the insurance company, and in return, the insurance company pays out a lump sum of money to the policyholder's beneficiaries upon the policyholder's death.
Life insurance is important because it provides financial protection for your loved ones in the event of your death. If you have dependents who rely on your income, life insurance can help ensure that they have the financial means to maintain their standard of living after you're gone.
The amount of life insurance you need depends on your personal circumstances. Factors such as your age, income, debts, and number of dependents can all play a role in determining the appropriate amount of coverage. A general rule of thumb is to have enough coverage to replace your income for a certain number of years.
The two main types of life insurance are term life insurance and whole life insurance. Term life insurance provides coverage for a specific period of time, usually 10 to 30 years. Whole life insurance, on the other hand, provides coverage for the rest of your life and also includes a savings component.
The cost of life insurance depends on various factors, such as your age, health, and the amount of coverage you need. Generally, term life insurance is less expensive than permanent life insurance.
Yes, you can make changes to your life insurance policy. For example, you can increase or decrease the amount of coverage, change the beneficiaries, or switch from one type of policy to another. However, these changes may affect the cost of your premiums.
It depends on the type and amount of coverage you are applying for. Some life insurance policies require a medical exam, while others do not. Generally, the higher the amount of coverage you need, the more likely it is that you will need to undergo a medical exam.
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