A life insurance policy is important, as it provides financial security for your loved ones in the event of your death. Life insurance can cover expenses such as funeral and burial costs, mortgage payments, education costs, daily bills, and outstanding debt. It also serves as a valuable part of estate planning, allowing you to leave a legacy or inheritance to your heirs.

A life insurance premium is based on two factors: your Health and your Age at the time you purchase the policy. There are four types of life insurance policies: Term, Permanent, Universal, and Annuities. 

Term Life Insurance provides coverage for a set period, commonly ranging from 10-30 years, and pays a death benefit upon the passing of the policy holder. 

Permanent Life Insurance provides a cash value that accumulates over time; furthermore, it offers cash savings and policy loan availability, in addition to a death benefit.