Life insurance is a contract between an insurer and a policyholder, where the insurer guarantees payment of a death benefit to designated beneficiaries upon the death of the insured.

The main types are term life insurance, which provides coverage for a specific period, and whole life insurance, which provides lifelong coverage and includes a savings component.

The amount of coverage depends on various factors such as your income, debts, financial goals, and the needs of your dependents. A common rule of thumb is to have coverage that is 10-12 times your annual income.

Generally, anyone who is in good health and falls within the insurer’s age range (usually between 18 and 65 years old) can apply for life insurance. Medical examinations may be required.

It depends on the condition and its severity. Some insurers may offer coverage at higher premiums, while others might exclude certain conditions or decline coverage.

Most policies have a grace period (typically 30 days) to make up for missed payments. If you fail to pay within this period, your policy might lapse, and you could lose coverage.