Life insurance is a contract between you and an insurance company, where you pay regular premiums, and in return, the company provides a lump-sum payment, known as a death benefit, to your beneficiaries upon your passing, but it can also provide living benefits in case you become incapacitated or diagnosed with a terminal illness. These payments can be used to cover expenses such as care expenses, mortgage payments, funeral costs and other financial needs that may arise.

There are primarily three types of life insurance: Term, which provides coverage for a specified period (e.g., 10, 20, or 30 years); Whole, which offers lifelong coverage and includes a savings component that builds cash value over time and Universal, which lets you have some control on how your savings grow while also allows for flexible premium payments. Lastly, we have also Final Expenses, which can be a variation of Term or Whole Life.

First, you will always have some money saved for the times when things will get rough. You can get loans from many life insurance policies and, in the worst case, those you love won't feel left out when you are no longer with them, because they will use the benefits to bring mortgage payments up to date, to pay outstanding debts and ongoing living expenses. You can use living benefits to take better care of yourself and, in many cases, to plan your life better before it ends.

The amount of life insurance you need depends on your financial obligations, such as mortgage payments, outstanding debts, future education costs, and your family's living expenses. A general rule of thumb is to have coverage that is 5-10 times your annual income, but this can vary based on individual circumstances.

Yes, many life insurance policies offer flexibility. You may be able to adjust your coverage amount, convert a term policy to a whole life policy, or add riders for additional benefits. It's important to review your policy regularly and discuss any changes with your insurance advisor to ensure it continues to meet your needs.