Life insurance policies are crafted around the people who buy them. So, when you purchase a life insurance policy, it will be unique to you and your circumstances.  For example, you and your neighbor could purchase the same coverage amount from the same company. However, differences in your age, health, and other lifestyle factors would lead to you paying different premiums. Think of it like buying car insurance. The car insurance company doesn't determine your rate solely on the coverage amounts you select. They also base your rate on the type of car, your age, your driving history, your marital status, your credit, and even your location. The company uses these things to determine your risk of making claims against your policy. That's why you'll receive a lower rate if your car has certain safety features, but you'll receive a higher rate for a recent accident.  Life insurance companies also need to determine the risk of having [...]

Life insurance can seem like an intimidating concept when you first get started, but it’s really not all that difficult with a little help.  When you have a life insurance policy and pay your premiums on time, the insurance company will issue a death benefit when you die.  Where does the death benefit go? The answer to your life insurance beneficiary.  Within your policy, you must designate someone to collect the death benefit proceeds if you were to pass away. In most cases, this would be your significant other or someone close to you that relies on you financially.  If you don’t name a beneficiary to your life insurance policy, you run the risk of having the death benefit being paid directly to the estate. Although this may not necessarily be viewed as a bad thing, for some, it could end up becoming a complete mess for your surviving family members to sort out after you're gone. [...]