Frequently Asked Questions

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The type of life insurance you need depends on your financial goals and personal situation. The two main types are:

• Term Life Insurance: Provides coverage for a specific period (e.g., 10, 20, or 30 years). It's generally more affordable and is ideal if you need coverage for a set period, such as to cover your mortgage or children's education costs.
   
• Whole Life Insurance: Provides lifelong coverage with a cash value component that grows over time. It's more expensive than term life insurance but can be a good option if you want permanent coverage and to build savings.

The amount of coverage depends on factors like your income, debts, number of dependents, and financial goals. A general rule of thumb is to have coverage that's 10 to 15 times your annual income. You should also consider:

• Current and future living expenses for your family.
   
• Outstanding debts, including mortgages, car loans, and credit cards.
   
• Educational expenses for your children.
   
• Funeral costs and any other final expenses.
   

An insurance agent or financial planner can help you estimate your needs more precisely based on your individual situation.Add an answer to this item.

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Yes, most life insurance policies allow you to make changes, but there are limits. For example:

• Term Life: You typically can't increase or decrease your coverage without purchasing a new policy. Some term policies have a "convertibility" option, allowing you to convert to a permanent policy.
   
• Whole Life and Universal Life: These types of policies are more flexible. You can adjust the death benefit, change your premium payments, or even take loans against the cash value that has built up.
   

However, changes could affect your premiums, so it's important to review the terms of your policy or consult with your insurer before making adjustments.