If you miss a premium payment, your insurance company typically offers a grace period, usually 30 days, during which you can make the payment without losing coverage. If the payment is not made within the grace period, the policy may lapse, meaning you would no longer have coverage. Some permanent life insurance policies may allow you to use the cash value to cover missed premiums. Always check your policy details and communicate with your insurance provider if you’re having trouble making payments.

Yes, depending on the type of policy you have, you may be able to make changes. For term life insurance, you may have options to convert it to a permanent policy. For permanent life insurance policies, you can often adjust the death benefit, premium payments, or policy features. It’s important to review your policy and consult with your insurance provider or agent to understand the options and implications of making changes.

The amount of life insurance coverage you need depends on your financial situation and goals. Consider factors such as your income, debts, mortgage, education costs for your children, and any other expenses your family would need to cover in your absence. A common rule of thumb is to have coverage that is 10 to 12 times your annual income, but your specific needs may vary.

There are several types of life insurance, including:

• Term Life Insurance: Provides coverage for a specific period (e.g., 10, 20, or 30 years). It is generally more affordable and straightforward.
• Whole Life Insurance: A type of permanent life insurance that provides coverage for your entire life and includes a cash value component that grows over time.
• Universal Life Insurance: Another form of permanent life insurance with more flexibility in premium payments and death benefits, along with a cash value component.
• Variable Life Insurance: Allows you to invest the cash value in various investment options, which can potentially increase the policy’s value but also comes with investment risks.

Life insurance is a contract between you and an insurance company. In exchange for regular premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to your beneficiaries upon your death. Life insurance can help provide financial security for your loved ones, covering expenses such as mortgage payments, education costs, and living expenses.