life insurance
Life insurance is a contract where you pay premiums to an insurance company, and in return, they pay a tax-free lump sum (death benefit) to your beneficiaries when you die. It's mainly used to replace your income, cover debts, pay for funeral costs, or provide for your family's future needs.
There are two main types: - **Term life**: Covers you for a set number of years (10, 20, 30 years). Cheaper and straightforward. Best for most people. - **Permanent life** (whole life, universal life): Covers you for your entire life and builds cash value over time. Much more expensive but can be used as a financial tool.
Most healthy adults in their 30s or 40s can get a $500,000–$1 million 20-year term policy for $25–$60 per month. The younger and healthier you are when you buy it, the cheaper it is.
Would you like me to explain how much coverage you might need, the best type for your situation, or how to buy a policy?
