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Life insurance is essential if others depend on your income or if you have significant financial obligations. It provides financial security for your loved ones in the event of your passing. Consider life insurance if you are married, have children, or have debts like a mortgage or student loans.

The amount of coverage depends on various factors, including your income, debts, and the number of dependents. A common method is to multiply your annual income by 10. Alternatively, the DIME formula—considering Debt, Income, Mortgage, and Education expenses—can help determine an appropriate coverage amount.

There are primarily two types of life insurance:

• Term Life Insurance: Provides coverage for a specific period (e.g., 10, 20, or 30 years) and pays a death benefit if you pass away within that term. It's generally more affordable but does not accumulate cash value.

• Permanent Life Insurance: Includes policies like whole life and universal life, offering lifelong coverage and accumulating cash value over time. These policies tend to have higher premiums but can serve as a financial asset

The cost of life insurance is primarily influenced by your age and health. Younger individuals generally pay lower premiums because they are considered less risky to insure, as they have a longer life expectancy. Health plays a significant role as well—those in good health typically qualify for lower rates, while individuals with pre-existing conditions or health risks may face higher premiums. Insurance companies assess these factors to determine the likelihood of a claim, which directly impacts the cost of coverage. The healthier and younger you are when you apply, the more affordable your life insurance will be.