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 kids’ education, or handle final expenses.
**Main types:** - **Term life**: Cheap, straightforward coverage for a set number of years (10, 20, 30). Best for most people. - **Whole life / Universal life**: More expensive, lasts your entire life, and builds cash value you can borrow against.
**Key things to know:** - Younger and healthy people get much lower rates. - You can usually buy 10–20× your annual income without a medical exam (simplified issue). - A 30-year-old non-smoker can often get $500,000–$1 million of 20-year term coverage for $25–$45 per month.
Would you like me to show you typical prices for your age, how much coverage you probably need, or explain how to buy it quickly and cheaply?
