There are a number of factors that help determine life insurance rates — such as the type of life insurance policy you want, the amount of life insurance coverage you want, your age and gender upon application, and your general health and lifestyle.

Term life insurance is one of the most affordable types of life insurance available, because you have the option to choose your term length and buy only for as long as you need it — such as 10, 15, 20, 25 and 30 years.

Whole life insurance is a type of permanent life insurance that provides coverage for your whole life as long as you keep paying the premiums — including a savings component also known as “cash value.”

Life insurance is important if anyone relies on your income or your family could be left with unexpected bills and payments if you were to pass.

Life insurance is one of the more critical elements of your comprehensive financial plan.

The more people who depend on you and your financial support, the more important life insurance is — to replace your income, to help your dependents cover expenses and to continue to plan for the future.

Your beneficiaries will receive the benefit for the full amount of your policy — generally in a lump sum or as an annuity — as long as your policy is in effect.

These proceeds are usually tax-free — but if taken in installments, potential interest could be taxable.