What is life insurance?

Life insurance is a contract between an insurance policyholder and an insurer, where the policyholder pays a premium in exchange for protection from financial loss in the event of their death or the death of someone covered by the policy.

What are the types of life insurance?

The main types of life insurance are term life insurance, whole life insurance, and universal life insurance.  Other less common types include variable life insurance, indexed universal life insurance, and guaranteed issue life insurance.

How much life insurance do I need?

The amount of life insurance you need will depend on a variety of factors, such as your income, debt, lifestyle, and the financial needs of your family.  As a general rule of thumb, you should consider having coverage that is 10-12 times your annual income.

How much does life insurance cost?

The cost of life insurance will depend on several factors, including your age, health, coverage amount, and the type of policy you choose.  Term life insurance policies are generally the most affordable.

Do I need a medical exam to get life insurance?

Not all life insurance policies require a medical exam, but many do.  In general, the healthier you are, the better your rates will be.

Can I change my life insurance policy?

Yes, you can typically change your life insurance policy, but it will depend on the specific terms of the policy.  You may be abel to increase or decrease your coverage, change the beneficiariess, or switch to a different type of policy.

Do I have to name my spouse as the beneficiary of my life insurance policy?

No, you can name anyone you choose as the beneficiary of your life insurance policy, including a spouse, child, family member, friend or charity.

Is life insurance taxable?

In most cases, life insurance benefits are not taxable.  However, there may be exceptions for certain types of policies or situations.  It's best to consult a tax professional for specific advice on your situation.