The amount of life insurance coverage you need depends on several factors, including your financial obligations, income, dependents, and long-term goals. A general rule of thumb is to have coverage that is 7 to 10 times your annual income. However, it is advisable to assess your specific situation, including outstanding debts, future education costs for your children, and your family's living expenses, to determine the right amount of coverage. Consulting with a financial advisor or insurance professional can also help you make an informed decision.

There are several types of life insurance policies, including:

1️⃣Term Life Insurance: Provides coverage for a specific period, such as 10, 20, or 30 years. It is typically more affordable and straightforward.

2️⃣Whole Life Insurance: Offers lifelong coverage and includes a savings component called cash value, which grows over time.

3️⃣Universal Life Insurance: Provides flexibility in premium payments and death benefits, along with a cash value component.

4️⃣Variable Life Insurance: Combines a death benefit with investment options, allowing you to invest the cash value in various funds.

Each type has its own benefits and considerations, so it's important to choose the one that best fits your needs and financial goals.

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 helps ensure that your loved ones are financially protected and can cover expenses such as funeral costs, outstanding debts, and everyday living expenses.