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Life insurance is a contract between an individual and an insurance company where the insurer agrees to pay a designated beneficiary a sum of money upon the death of the insured person.

Life insurance provides financial protection for your loved ones in the event of your death. It can help cover expenses such as funeral costs, mortgage payments, and other financial obligations.

The amount of life insurance you need depends on your individual circumstances, including your income, debts, and financial goals. A general rule of thumb is to have coverage that is at least 10 times your annual income.

The cost of life insurance can vary depending on factors such as your age, health, and coverage amount. Term life insurance is typically more affordable than permanent life insurance.

Yes, you can have multiple life insurance policies from different insurance companies. This can be useful if you need additional coverage or want to diversify your coverage.

If you stop paying your life insurance premiums, your coverage will typically lapse. Some policies may have a grace period where you can still reinstate your coverage, but it’s important to contact your insurance company to discuss your options.

Term life insurance provides coverage for a specific period of time (term), while whole life insurance provides coverage for your entire life and includes a cash value component.

In most cases, life insurance benefits are not taxable to the beneficiary. However, there are some exceptions, such as if the policy is owned by a business or if the estate is the beneficiary.