Life insurance options typically include term life insurance, which provides coverage for a specific period; and whole life insurance, which offers lifetime coverage and a savings component;

Life insurance provides financial protection to your dependents by paying out a death benefit upon your passing. This can help cover living expenses, debts, and educational costs, ensuring your family maintains their standard of living.

The amount of life insurance you need depends on several factors, including your financial obligations, your income, the number of dependents you have, and your long-term financial goals. A common guideline is to have coverage that is 10-15 times your annual income.

A beneficiary is a person or entity you designate to receive the death benefit from your life insurance policy. You should choose a beneficiary who would be financially impacted by your death. You can also name multiple beneficiaries and specify the percentage of the payout each receives.

If you miss a premium payment, most policies have a grace period during which you can make the payment without losing coverage. If you exceed this grace period, your policy may lapse, and you could lose coverage.

To file a life insurance claim, the beneficiaries or their legal representatives need to contact the insurance company, complete a claim form, and submit it along with a certified copy of the death certificate and any other required documentation.