Life insurance provides financial protection for your loved ones in the event of your death. It can help cover funeral expenses, outstanding debts, mortgage payments, and provide income replacement for your family.

The amount of life insurance coverage you need depends on various factors, including your age, income, debts, lifestyle, and the financial needs of your dependents. A general rule of thumb is to have coverage that is 5 to 10 times your annual income.

Yes, you can typically make changes to your life insurance policy, such as increasing or decreasing coverage, changing beneficiaries, or converting a term policy to a permanent policy. However, some changes may require approval from the insurance company.

Generally, life insurance benefits paid to the beneficiary are not taxable as income. However, there are exceptions, such as if the policyholder has borrowed against the cash value of a permanent life insurance policy.

The best time to buy life insurance is when you’re young and healthy, as premiums tend to be lower. However, it’s never too late to get coverage, and it’s essential to have life insurance in place to protect your loved ones regardless of your age.