Short, practical guides to help you prepare for a life insurance conversation and recognize the questions that deserve a clear answer.
A life insurance policy is a contract. In general, the policy owner pays premiums and the insurer pays a death benefit to a named beneficiary when the insured person dies while eligible coverage is in force.
Term insurance covers a defined period and generally has no cash value. Permanent insurance is designed for lifetime coverage while in force; some types may accumulate cash value. Neither label tells you whether a product fits your situation.
Open the side-by-side comparisonA beneficiary is the person or entity named to receive the policy’s death benefit. Rules can differ by contract and jurisdiction, so ask how primary and contingent beneficiaries work and when legal or tax advice may be helpful.
You do not need perfect numbers. Bring a rough picture of your obligations, dependants, existing coverage, resources, time horizon, and comfortable budget.
People: Who relies on your income or care?
Commitments: Which debts and costs would continue?
Time: Are those needs temporary, lifelong, or a mix?
Existing support: What savings and coverage already exist?
