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Life insurance provides financial protection for loved ones should the policyholder die. Once a policy is issued, an insurer may not cancel it based on a change in the policyholder’s health status. There are several types of life insurance, allowing consumers to find a policy type that works for their personal situation.

Not everyone needs life insurance. In general, life insurance is a good idea if you have family or others who rely on you financially. To decide the amount that’s right for you, consider your debts, the amount of income your family must replace, and whether they’ll have bills or other expenses.  Your life insurance company will make payments after your death to the person you name in your policy. This person is called your beneficiary. You can name more than one beneficiary. Your beneficiaries can use the money to pay bills and living expenses, pay off debts, pay for college, and other things. Some types of life insurance also build savings you can use during your lifetime.