• Life insurance is a contract between you and an insurance provider. In exchange for regular premium payments, the insurer provides a financial payout (death benefit) to your beneficiaries if something happens to you. It’s essential for those wanting to secure their family’s financial future, cover debts, or save for future needs.

Common types include:

• Term Insurance: Provides coverage for a specific period (e.g., 10, 20, or 30 years).
• Whole Life Insurance: Covers your entire life, with a cash value component that grows over time.
• Universal Life Insurance: A flexible policy with both lifelong coverage and an investment component.
• Endowment Plans: Offers a mix of insurance and savings, providing maturity benefits if you outlive the policy term.

Term insurance provides coverage for a fixed term, typically ranging from 10 to 30 years. If the policyholder passes away during this period, the insurer pays the death benefit to the beneficiaries. Term insurance is known for its affordability and high coverage.

The amount depends on factors like your income, dependents, debts, and future financial goals. A general guideline is to choose coverage 10-15 times your annual income to ensure adequate financial protection.

Term insurance covers a specific term, has no cash value, and is more affordable. Whole life insurance provides lifelong coverage, includes a cash value component, and has higher premiums.

Premiums are based on factors like age, health, lifestyle, occupation, coverage amount, and policy type. Healthier, younger individuals generally receive lower premium rates.