Frequently Asked Questions About Life Insurance
Life Insurance FAQs
Q: What is life insurance? A: Life insurance is a contract between you and an insurer that provides a sum of money to your beneficiaries upon your death.
Q: What types of life insurance are there? A: Common types include term life insurance (temporary coverage), whole life insurance (permanent coverage with cash value), and universal life insurance (flexible premiums and death benefits).
Q: How much life insurance do I need? A: The amount of life insurance you need depends on your family's financial situation and obligations. Consider factors like mortgage, debts, and future expenses.
Q: What is a beneficiary? A: A beneficiary is the person or organization designated to receive the life insurance death benefit.
Q: Can I change my beneficiaries? A: Yes, you can usually change your beneficiaries at any time.
Q: What is a life insurance rider? A: A rider is an optional add-on to your life insurance policy that provides additional coverage, such as critical illness or disability benefits.
Q: How much does life insurance cost? A: The cost of life insurance depends on factors like your age, health, coverage amount, and type of policy.
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