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A general rule is 10-15 times your annual income, but this can vary based on debts, living expenses, education costs, and future needs. Calculators can help, or you can speak to an advisor for a personalized assessment.

It depends on your financial goals. Term policies should cover you until major expenses, like mortgages or children’s college costs, are paid off. Whole life lasts your lifetime, so it can be ideal if you want lifelong coverage.

Generally, yes, but policies may have exclusions, like death by suicide within the first two years or death related to illegal activities. Accidental death riders provide additional coverage for accidental deaths.

When a term policy ends, coverage stops. Some policies allow renewal at higher premiums, while others offer a conversion option to switch to a permanent policy before the term ends.

Generally, no. Life insurance death benefits are typically tax-free for beneficiaries, though there may be exceptions with estate taxes or certain policy structures.

For term policies, premiums are fixed for the policy term but may increase if renewed. Whole life policies have fixed premiums, so they won’t increase over time.

It varies. Some policies are approved instantly, while others, especially those requiring a medical exam, may take several weeks for approval and issuance.

Look for providers with strong financial ratings from agencies like A.M. Best, S&P, or Moody’s. Customer reviews, the company’s history, and available products are also important factors.