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Frequently Asked Questions
Life insurance is a contract between you and an insurance company that provides a sum of money to your beneficiaries upon your death, in exchange for regular premium payments.
Life insurance helps protect your loved ones financially in case of your unexpected death, covering expenses like mortgages, education, debts, and daily living costs.
The main types include term life insurance, which covers a specific period, and whole life insurance, which provides coverage for your entire life and may build cash value over time.
The amount depends on your financial obligations, income replacement needs, debts, and the lifestyle you want to maintain for your dependents. Many experts recommend 10-15 times your annual income.
Premiums are based on factors like your age, health, lifestyle, occupation, coverage amount, and type of policy. Younger, healthier individuals typically pay lower premiums.
Some policies allow you to increase coverage or convert a term policy to a permanent one, but it depends on the terms of your contract and your health at the time of change.