The right type of life insurance depends on your individual needs and financial goals. Term life insurance is ideal for temporary coverage, while whole life and universal life insurance offer lifelong coverage with cash value benefits. Consult with an insurance advisor to determine the best option for you.

Depending on your policy type, you may be able to adjust your coverage amount. Universal life insurance policies typically allow for more flexibility in adjusting premiums and death benefits, while term and whole life policies may have more restrictions.

If you miss a premium payment, your policy may lapse, meaning you would lose coverage. However, many policies have a grace period, usually 30 days, during which you can make the payment without losing coverage. Some policies also offer options to reinstate coverage if it lapses.

Generally, the death benefit paid to beneficiaries is not subject to income tax. However, any interest earned on the death benefit after the insured's death may be taxable. Additionally, withdrawals or loans against the policy’s cash value may have tax implications. Consult a tax advisor for specific advice.

Non-life insurance, also known as general insurance, provides coverage for risks other than life. This includes property insurance, health insurance, auto insurance, travel insurance, and liability insurance. It helps protect against financial loss due to accidents, theft, natural disasters, and other unforeseen events.

Common types of non-life insurance include:
Auto Insurance: Covers damage to your vehicle and liability for injuries or damages caused to others.
Homeowners Insurance: Protects your home and personal belongings from risks such as fire, theft, and natural disasters.
Health Insurance: Covers medical expenses for illnesses, injuries, and preventive care.
Travel Insurance: Provides coverage for trip cancellations, medical emergencies, lost luggage, and other travel-related risks.
Liability Insurance: Protects against legal claims for injury or damage to other people or property.

Comprehensive Auto Insurance: Provides extensive coverage, including damage to your vehicle from accidents, theft, vandalism, natural disasters, and third-party liability.

Third-Party Auto Insurance: Covers damages and injuries caused to third parties (other people and their property) in an accident for which you are responsible. It does not cover damage to your own vehicle.

Hospitalization: Costs of hospital stays, surgeries, and related treatments.

Outpatient Care: Doctor visits, diagnostic tests, and outpatient procedures.

Preventive Services: Vaccinations, screenings, and check-ups.

Prescription Drugs: Costs of prescribed medications.

Emergency Services: Emergency room visits and urgent care.

An exclusion is a specific condition or circumstance that is not covered by your insurance policy. Common exclusions include intentional damage, acts of war, and pre-existing conditions (for health insurance). Always review your policy to understand what is excluded.

Travel insurance provides coverage for unexpected events that may occur during your trip, such as trip cancellations, medical emergencies, lost luggage, and travel delays. It helps protect you financially and ensures you receive assistance in emergencies while traveling.

Trip Cancellation: Reimbursement for prepaid, non-refundable trip costs if you need to cancel for a covered reason.

Medical Emergencies: Coverage for medical expenses and emergency medical evacuation.

Trip Interruption: Reimbursement for the unused portion of your trip and additional expenses if you need to return home early.

Baggage Loss/Delay: Compensation for lost, stolen, or delayed luggage.

Travel Delay: Reimbursement for additional expenses due to significant travel delays.

Accidental Death & Dismemberment: Compensation for accidental death or severe injury during the trip.

AD&D coverage provides a lump-sum payment in the event of accidental death or severe injury resulting in dismemberment during your trip. It offers financial protection for you or your beneficiaries in case of tragic accidents while traveling.

Many travel insurance policies allow you to extend your coverage if your trip is extended. Contact your insurance provider as soon as you know your trip will be extended to make arrangements and ensure continuous coverage.

Notify Your Insurer: Contact your insurance provider as soon as possible to report the claim.

Provide Documentation: Submit required documents, such as claim forms, receipts, medical reports, police reports (for theft), and proof of loss or delay.

Claim Evaluation: The insurance company will review your claim, which may include investigations or additional information requests.

Settlement: If approved, the insurance company will process the claim and provide payment according to your policy terms.