Types of Life Insurance

Life insurance is a contract that provides financial protection to your loved ones in the event of your death. It can help cover funeral expenses, pay off debts, replace lost income, and ensure your family’s financial stability. Life insurance is essential for anyone with dependents or financial responsibilities.

The amount of coverage you need depends on your personal circumstances—such as your income, debts, future expenses like education, and the financial needs of your family. A general rule of thumb is 10–15 times your annual income, but it's best to work with an advisor to tailor the policy to your specific needs.

Answer:

• Term Life Insurance provides coverage for a specific period (e.g., 10, 20, or 30 years) and is generally more affordable.

• Whole Life Insurance offers lifelong coverage and builds cash value over time, but it comes with higher premiums.

Each has its pros and cons, so it’s important to understand which best fits your goals.

It depends on the type of policy. Many traditional life insurance policies require a medical exam, but there are no-medical or simplified issue policies available that do not require one. However, these often come with higher premiums or lower coverage limits.

Yes, most life insurance policies offer flexibility. You can often adjust your coverage, beneficiaries, or even cancel the policy. However, depending on the policy type, there may be surrender charges or tax implications. It’s best to review your options with your advisor before making changes.