Life insurance is a contract between the policyholder and the insurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium payment in the event of the policyholder’s death.

The cost of life insurance varies based on the policy holder age, health, lifestyle, and coverage amount. However, life insurance policies are typically affordable for most people.

Anyone who has dependents or beneficiaries who would suffer a financial loss in the event of their death should consider buying life insurance. This includes parents, homeowners, business owners, and anyone with outstanding debts or financial obligations.

The amount of life insurance that a person should buy depends on their financial needs and goals. A good rule of thumb is to purchase a policy that covers at least 10 times your annual income.

Choosing the right life insurance policy involves assessing your financial needs and goals, taking into consideration your age, health, and lifestyle. Consulting with a licensed insurance agent can help you make an informed decision.

To apply for life insurance, you need to fill out an application with your insurance company or an independent broker. You will be required to provide personal and medical information, and in some cases, undergo a medical exam.

Yes, you can list multiple beneficiaries on your life insurance policy, and they can each receive a portion of the death benefit.

In most cases, life insurance death benefits are not subject to income tax. However, the estate of the policyholder may be subject to estate taxes.

Yes, policies can be changed or updated, but it depends on the type of policy and the specific insurance company rules. It is recommended to consult with an insurance agent to discuss changing or updating your policy.