Term life insurance provides coverage for a specific period (e.g., 20 years) and does not accumulate cash value. Whole life insurance offers coverage for your entire life and accumulates cash value that you can use during your lifetime.

Consider factors such as your income, debts, future expenses, and your beneficiaries' needs. An insurance advisor can help you calculate the appropriate amount of coverage based on your financial situation.

Yes, you can change the beneficiaries of your policy at any time, as long as your policy allows it. Generally, this can be done through a beneficiary change form provided by your insurer.

If you stop paying premiums, your policy may enter a grace period, after which it could be canceled. It’s important to contact your insurer if you have difficulty making payments to explore options.